NEW YORK -- The fifth annual China Fashion Gala in New York City will be held as a one-hour virtual event to be broadcast globally on Thursday, according to the event's organizers.

Themed "One World in Beauty," this year's gala will honor Chinese American actress Lucy Liu with the Icon Award, and designer Phillip Lim will be honored with the Leadership Award.

Chinese entrepreneur and philanthropist Wendy Yu will be honored with the Millennial Leadership Award. The Beauty Award, an inaugural award of the gala this year, will go to American cosmetic giant Estee Lauder, which has over 2,000 retail locations in more than 129 Chinese cities.

Held by China Institute and Yue-Sai Kan China Beauty Charity Fund, the event serves as a platform for Chinese talent emerging onto the international stage, and a forum for recognizing individuals whose contributions have helped position China at the forefront of global fashion and beauty.

Chinese American fashion icon Yue-Sai Kan said the event will "celebrate beauty in its many delightful and wondrous forms to deliver a message of inspiration and hope."

"We believe that it's important that the world know China through its culture -- through fashion, music, dance and language," said Kan.

Proceeds from the gala will benefit the many diverse programs of China Institute, the New York City-based non-profit founded in 1926 that serves as a gateway for Americans to Chinese language, culture, art and business.

"In the current environment, we need to find moments to celebrate and share joy," said James B. Heimowitz, president of China Institute. "China Fashion Gala is an opportunity to do just that through the prism of 'One World in Beauty.'"