Stephen A. Schwarzman, head of the Blackstone Group, is creating a $300 million scholarship for study at a Chinese university “that he hopes will rival the Rhodes scholarship in prestige and influence,” The New York Times reports. Backed by a group of mostly Western blue-chip companies with interests in China, the Schwarzman Scholars program, whose endowment is one of the largest single gifts to education in the world, will pay for 200 students every year from around the globe to attend a one-year master’s program at Tsinghua University in Beijing.
“The program’s creation underlines the tremendous importance of China and its market to Wall Street financiers and corporate leaders, who have become increasingly anxious as security and economic frictions grow between China and the West,” The Times writes. A third of the endowment comes from Mr. Schwarzman’s personal fortune, a third comes from donors and the remaining $100 million is expected to be raised by the end of this year, according to Mr. Schwarzman.
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William Alden, New York Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/WMRP9kZXTIQ/
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