SHANGHAI, July 13 (Xinhua) -- The third Shanghai Isaac Stern International Violin Competition will hold an online concert for the finals in August, the organizers announced Tuesday.

According to the plan, the six finalists will not be rated through competition. Instead, from August 26 to 28, they will jointly perform at a concert online in six different cities. Each of the finalists will be provided with a bonus of 20,000 U.S. dollars for their further study and career development.

"The competition is not only for the sake of competition, but to provide an international platform for the career development of young musicians. The 13 judges are proud of this innovative final plan, which confirms that China is setting new standards for international music competitions," said Yu Long, head of the organizing committee.

"Of course, this result is a little regrettable, but I want to thank the organizers for providing us with this opportunity and creating a friendly atmosphere. I think we all need to remember that music is much more than just competition. I am really glad to have such an opportunity to showcase my skills," said Angela Sin Ying Chan, a finalist from Hong Kong.

Founded in 2015 and first held in 2016, the biennial event is Shanghai's first world-class violin competition. It is named after renowned violinist Isaac Stern to honor his decades-long friendship with China forged through music.