Stephen A. Schwarzman, the founder of private equity firm Blackstone Group, has established a new scholarship at Beijing’s Tsinghua University. The program will be endowed with $300 million USD — $100 million coming directly from Schwarzman, and the rest from donors.
Dubbed the Schwarzman Scholars program, it is being touted as a rival in both “prestige and influence” to the University of Oxford’s Rhodes Scholarship.
AP: The $300 million endowment will allow 200 students each year to take part in a one-year master’s program at Tsinghua – all expenses paid – in public policy, economics and business, international relations or engineering, beginning in 2016. Schwarzman said 45 percent of the students would come from the United States, 20 percent from China and the rest from other parts of the world.
The Telegraph: The education programme is inspired by the Rhodes Scholarship, which was created in 1902 using funds donated by British statesman Cecil J. Rhodes to help gifted foreign students study at Oxford University.
Mr Schwarzman said he hopes the scheme, which will see students spend a year at Tsinghua University in Beijing, will “foster stronger and deeper relationships” between China and the West.
“China’s economy is growing at three times the rate of the West, and if that growth continues, China will become the largest economy in the world within the next couple of decades. Disproportionate levels of growth often create global imbalances and tensions, which will need to be addressed in the decades ahead,” he said.