Private equity tycoon Stephen A. Schwarzman announced Sunday the establishment of a $300 million dollar endowed scholarship program in China for students around the world.
The fund will allow 200 students to take part in a one-year master’s program in public policy, economics, business and international relations each year starting in 2016.
“China is no longer an elective course, it’s core curriculum,” said Schwarzman in Beijing.
He also said that China’s rapid economic growth and rising influence would define the 21st century as US ties to Europe did to the 20th century. At that time was when the prestigious Rhodes Scholarship was created, a scholarship that the newly created Schwarzman Scholarship would emulate and rival in the years ahead.
Schwarzman said 45% of the students would come from the US, 20% from China and the remaining 35% from the rest of the world.
“For future geopolitical stability and global prosperity, we need to build a culture of greater trust and understanding between China, America and the rest of the world,” he said.