BloombergTVBillionaire private equity tycoon Steve Schwarzman has donated $100 million to endow a scholarship program similar to the Rhodes Scholars at Tsinghua University in Beijing, according to a press release.
Instead of Rhodes Scholars, the students will be called “Schwarzman Scholars.”
According to the release, the program will pay for 200 students every year to study for a one-year Master’s program at Tsinghua University.
Most of the students in the program will come from the U.S. They will also come from Europe, South Korea, Japan, India and other countries.
Schwarzman is seeking a $300 million endowment for the scholarship program. So far, he and other private donors have raised $200 million, the release said.
According to Tsinghua University, they will be constructing the teaching building for the program. It’s being designed by Professor Robert Stern, the dean of the School of Architecture at Yale University (Schwarzman’s alma mater).
The building is scheduled to be completed by 2015 and the first class of Schwarzman Scholars is expected to be in 2016.
Blackstone founder Stephen A. Schwarzman today announced a $100 million (¥600 million) personal gift to build and endow an elite scholarship program in China inspired by the prestigious Rhodes Scholarship program created in 1902 by British statesman Cecil J. Rhodes. A simultaneous fundraising campaign with a goal of raising $200 million (¥1.2 billion) will make the program the largest charitable effort in China’s history with funds coming largely from outside the country. The “Schwarzman Scholars” program will be housed at Tsinghua University in Beijing, one of China’s most prestigious universities, dedicated to academic excellence and integrity, and the interaction between Chinese and Western cultures.
“Schwarzman Scholars will prepare future leaders to interact in a constructive and collaborative way – learning to balance healthy competition with being able to forge lasting partnerships.”
Said Stephen A. Schwarzman, “When Cecil J. Rhodes created the Rhodes Scholarship program in 1902 to promote international understanding, Europe was at the centre of gravity for the world’s economy, and the United States, the British Empire and Germany were the world’s most influential global players. While the 20th century was defined by U.S. ties to Europe, there is no question that the nature of China’s international relationships will play at least as important a role in this century.”
He continued, “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. Looking to the future, it is crucial that both countries and others around the world work hard to build on a foundation of interdependence, to foster stronger and deeper relationships, and to develop a real and full understanding of each other’s cultures among the next generations of business and political leaders. In the 21st century, China is no longer an elective course, it’s core curriculum.
“For the West, this means developing a far richer and more nuanced understanding of China’s social, political and economic context. A win-win relationship of mutual respect between the West and China is vital, benefiting Asia and the rest of the world, and enhancing economic ties that could lead to a new era of mutual prosperity.
“Leveraging the world-class resources and talented people at Tsinghua University, one of China’s most prestigious universities, the program will bring together an exceptional group of students who, we hope, will one day have the power to change the course of history.”
Schwarzman Scholars will support 200 students annually for a one-year Master’s program at Tsinghua University under the direction of Dean David Daokui Li, a prominent Chinese economist and former member of China’s currency board. Students will hail predominantly from the U.S., but also from Europe, South Korea, Japan, India and other areas of the globe. Students will live in Beijing for a year of study and cultural immersion, attending lectures by heads of state, travelling throughout the country, and developing a true understanding of China.
The first class of students is slated for 2016, upon the completion of Schwarzman College, a residential building designed specifically for the program. Robert A.M. Stern, Dean of Yale’s School of Architecture, designed the building, which is based on the residential colleges at Harvard, Yale, Oxford and Cambridge. The admissions season will open in 2015.
Schwarzman Scholars has a world-class Advisory Board whose members have unparalleled insight and experience in international policy and diplomatic challenges. Members of the Advisory Board include:
- Nicolas Sarkozy, Former President of the French Republic (Honorary);
- Anthony “Tony” Blair, Former Prime Minister of the United Kingdom (Honorary);
- Brian Mulroney, Former Prime Minister of Canada (Honorary);
- Kevin Rudd, Former Prime Minister of Australia (Honorary);
- Tung CheeHwa, Vice Chairman of the 12th National Committee of the Chinese People’s Political Consultative Conference (Honorary);
- Henry Kissinger, 56th United States Secretary of State (Honorary);
- Colin Powell, 65th United States Secretary of State (Honorary);
- Condoleezza Rice, 66th United States Secretary of State (Honorary);
- Henry “Hank” Paulson, 74th United States Secretary of the Treasury (Honorary);
- Robert “Bob” Rubin, 70th United States Secretary of the Treasury, Co-Chairman of the Council on Foreign Relations (Honorary);
- Sir James “Jim” Wolfensohn, 9th President of the World Bank Group (Honorary);
- Richard Haass, President, Council on Foreign Relations (Honorary);
- Richard “Rick” Levin, President of Yale University (Honorary);
- Richard Brodhead, President, Duke University (Honorary);
- Chen Ning Yang, Nobel Laureate and Honorary Director of the Institute of Advanced Study at Tsinghua University (Honorary);
- John Thornton, Chairman of the Brookings Institution and Professor and Director of Global Leadership at Tsinghua University (Honorary);
- Yo-Yo Ma, the renowned American cellist (Honorary); and
- Iain Conn, Managing Director, BP plc.
Former U.K. Prime Minister Tony Blair commented: “Schwarzman Scholars will prepare future leaders to interact in a constructive and collaborative way – learning to balance healthy competition with being able to forge lasting partnerships.”
Said Ambassador Gary Locke, U.S. Ambassador to China: “The Schwarzman Scholars program will help the United States and China strengthen ties in all aspects of our bilateral relationship by deepening mutual understanding between both countries, and by creating the interpersonal connections from which a shared vision of future engagement and cooperation can emerge.”
Added Condoleezza Rice, former U.S. Secretary of State: “The rise of China presents both opportunities and challenges. The future of our countries is intertwined both economically and politically. There is no better way than through the development of the next generation of leaders to ensure mutual respect and understanding going forward. That is the critical mission of the Schwarzman Scholars.”
Said Henry Kissinger, former U.S. Secretary of State: “The rise of China is one of the central challenges of our time and as global citizens, we need to forge a deeper understanding between the U.S. and China, and diminish cultural biases to mitigate possible tensions and create opportunities for both countries. Close relationships, cultural understanding and open communication are required to sustain a peaceful world and to avoid conflict. Our hope is that, based on the knowledge, relationships and perspectives gained through this pivotal experience, Schwarzman Scholars will one day help shape the future of international discourse and interaction.”
Said Dr. John Hood, Chair of the Rhodes Trustees: “The Schwarzman Scholars program is visionary, timely and sure to capture the competitive enthusiasm of those who are among the most outstanding international and Chinese graduate students, in the same way as the world’s great Scholarship programs have done during the past century.”
Additional endorsements can be found below.
Students will have a choice of four academic disciplines: Public Policy, International Relations, Economics & Business and Engineering. Additional disciplines will be added in future years. The academic program was developed in consultation with an Academic Advisory Council comprised of individuals from prestigious institutions of higher learning such as Harvard, Yale, Princeton, Stanford, Duke and Oxford.
Said President Jining Chen of Tsinghua University: “The world is at an important crossroads that calls for institutions of higher education to step forward and play a significant role in shaping the future of international relations. Tsinghua is honored to partner with Mr. Schwarzman to establish a scholarship program that will help educate and prepare the next generation of global leaders.”
Said David Daokui Li, Dean of Schwarzman Scholars: “Constructive cooperation should be a key cornerstone of Sino-U.S. relations for the future, and I am very excited to join President Chen, Mr. Schwarzman and the illustrious Advisory Board of Schwarzman Scholars to build a new centre for scholarship and international discourse.”
Members of the Academic Advisory Council are:
- Mary Brown Bullock, Executive Vice Chancellor, Duke Kunshan University;
- Dr. Michael Cappello, Professor of Pediatrics, Epidemiology, and Microbial Pathogenesis, Yale Program in International Child Health and Director, Yale World Fellows Program, Yale University;
- Thomas J. Christensen, William P. Boswell Professor of World Politics of Peace and War and Director, China and the World Program and Faculty Chair, M.P.P. Program, Princeton University and Former Deputy Assistant U.S. Secretary of State for East Asian and Pacific Affairs;
- Jane Edwards, Associate Dean of Yale College, Dean of International and Professional Experience, Yale University;
- Louis Goodman, Professor and Dean Emeritus, School of International Service, American University;
- William C. Kirby, Spangler Family Professor of Business Administration, T.M. Chang Professor of China Studies, Harvard;
- Sir Colin Lucas, Former Vice Chancellor, Oxford University;
- Edward Macias, Provost, Washington University at St. Louis;
- F. Warren McFarlan, Albert H. Gordon Professor of Business Administration, Emeritus, Harvard;
- Jean C. Oi, William Haass Professor in Chinese Politics and a Senior Fellow of the Freeman Spogli Institute for International Studies at Stanford University;
- Steve Orlins, President, National Committee on U.S.-China Relations;
- Susanne Weigelin-Schwiedrzik, Professor and Vice-Rector for Research and Career Development, University of Vienna;
- Dr. Pauline Yu, President, American Council of Learned Societies;
- Xinsheng Zhang, Former Vice Minister of Education; and
- Dr. Ji Zhou, Former Minister of Education and President of the Chinese Academy of Engineering.
As of April 21, 2013, the Schwarzman Scholars program has achieved $200 million (¥1.2 billion) toward its overall $300 million (¥1.8 billion) capital and endowment campaign goal. In addition to Mr. Schwarzman’s personal gift of $100 million (¥600 million), the program has succeeded in raising $100 million (¥600 million) from private donors over six months.
Cornerstone Partner donors include BP. Founding Partner donors include: Chan Soon-Shiong Family Foundation; EMC Corporation; and Ray Dalio. Partner donors include: Bank of America Merrill Lynch; The Boeing Company; China Resources (Holdings) Company Ltd.; and GE. Funder donors include: Bloomberg Philanthropies; Digicel; J.P. Morgan Chase & Co.; and Margarita Louis-Dreyfus. Other donors include: Caterpillar; Credit Suisse; Deloitte LLP; Fluor Corporation; and Sun Capital Partners Foundation, Inc. There are numerous donors at various levels that have asked to be anonymous. The Chinese and other international markets will be approached for philanthropic support following the announcement.
Said Iain Conn, Managing Director, BP plc.: “BP is very pleased to be a Cornerstone Partner in the Schwarzman Scholars Program. Enhancing the understanding between China and the World through the development of Chinese and international talent at Tsinghua University will be invaluable over time to all international institutions with Chinese interests, and therefore also to BP. This involvement also deepens BP’s long-standing collaboration with Tsinghua University.
“BP is honored to be supporting the Schwarzman Scholars Program, and in doing so deepening our commitment to China’s future through the advancement of education and international relationships. Together we hope to build a unique platform for future leaders to gain real-life global experiences and have interaction with political, business and thought leaders, with the vision of fostering greater understanding and more meaningful dialogue between China and the world. Through our involvement, BP will assist in advising the School, support 14 BP Fellows each year as part of the program, and engage with successive cadres of Scholars.”
Said W. James McNerney, Jr, Chairman, President and CEO, The Boeing Company: “Collaboration is a bridge that enables the United States and China to grow and prosper together. Boeing supports the Schwarzman Scholars program because it will help develop future leaders with global sensibilities and further strengthen the ties between our two countries.”
Schwarzman and Chen commented: “We thank our Cornerstone and Founding Partners, and all of our donors for their early support. Their intuitive recognition of the importance of this program and generosity will help ensure the Schwarzman Scholars program is endowed in perpetuity.”