Stephen Schwarzman is a business tycoon who has made it big in private-equity and now he wants to send a couple of hundred post-grad students to China to study. An amount of US$300 million has been allotted for the project, a third of which comes from Schwarzman’s personal account. Schwarzman is reportedly worth $6.5 billion. He founded Blackstone, a private equity firm.
The announcement was made at the Great Hall of the People in Beijing. Vice Premier Liu Yandong gave a speech at the ceremony. The President of China Xi Jinping as well as US President Barack Obama have sent letters of congratulations. The state run television network featured the scholarship announcement as top news.
The Schwarzman Scholars Program
The project that the Wall Street mogul is launching intends to rival the Rhodes Scholarship. This 111-year old program is sending scholars to study at Oxford University in England. Schwarzman’s program’s main purpose is to foster respect between the West and China. Schwarzman has already managed to raise a third of the target amount with the help of Credit Suisse, Caterpillar, Boeing, BP, and Bank of America. Anonymous donors also made significant contributions. Schwarzman aims to raise all three hundred million by the end of 2013.
The scholarship is supported by many businesses in the West. The members of the advisory board of the fund include Nicolas Sarkozy (former President of France), Tony Blair (former Prime Minister of the United Kingdom), Brian Mulroney (former Prime Minister of Canada), Kevin Rudd (former Prime Minister of Australia), Henry Kissinger (former United States Secretary of State), Condoleeza Rice (former United States Secretary of State) and Yo-Yo Ma (world renowned American cellist).
Great educational opportunities
Post-graduate students will study for one year at Tsinghua University located in the Chinese capital Beijing. Tsinghua University is the alma mater of two Chinese Presidents Hu Jintao and Xi Jinping, the incumbent Chinese leader.
Masters level students can choose from subjects including economics, business, engineering, international relations, and public policy. The two hundred scholars will be coming not just from the United States but from Europe, Latin America, and Asia as well. Scholars can expect full coverage of expenses.
Training the leaders of the future
Schwarzman hopes that the scholarship program would produce the leaders of the future while strengthening the relationship between the United States and China. Schwarzman argues that building trust between the two nations would contribute to geopolitical stability and economic prosperity. The scholarship program will be managed and administered by both Tsinghua University and the Schwarzman Education Foundation.
Fostering a relationship with China
Schwarzman predicts that China would become the largest economy in the world in a matter of 20 years especially if it continues with its current rate of economic growth. If there is a disproportionate rate of growth within the global community, then there could be tension and imbalance. The West would greatly benefit from a more in-depth understanding of the economic, political, and social situation in China. Establishing a mutual respect is also essential and the scholarship is aimed at achieving this.
The funding for the Schwarzman Scholars Program is reportedly the largest philanthropic endowment in foreign money in the history of Modern China.
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