Similar to Oxford University's famed Rhodes Scholarship program, a private equity investor has established a $300 million elite scholarship program for study in China, largest charitable program ever in the Asian country's long history.
Stephen A. Schwarzman, founder of the private equity firm Blackstone, indicated he donated $100 million of his own money, with the other $200 million to come from other private donor, many of which are businesses with large interests in China, CBS News reports.
Beginning in 2016, 200 students from throughout the world will participate in the program annually.
A predicted 45 percent of the students --- known as Schwarzman Scholars --- will hail from the United States, while 20 percent will come from China and smaller numbers will represent Europe, South Korea, Japan and India.
The scholars will study for a year at Tsinghua University in Beijing, part of a master's program in public policy, economics, business and international relations.
Schwarzman announced the scholarship program on the CBS Sunday morning talk program "Face the Nation."
As the "center of the world's economy is moving to Asia...China is no longer an elective course, it's really core curriculum," Schwarzman told program host Bob Schieffer, adding that while the Rhodes Scholarship program was created in the early 20th century to promote understanding and peace generally, the new scholarship effort aims to develop better understanding and respect between China and the West.
"I thought about the Rhodes and how effective that's been developing so many leaders over the years...and what we tried to do was adapt that as best we could to bring students, instead of to Oxford in England, to bring them to Tsinghua," he continued.
"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," Schwarzman said in a press release that also included words of support from former Secretary of State Henry Kissinger.
The rise of China, Kissinger's statement said, is "one of the central challenges of our time" and "we need to forge a deeper understanding between the U.S. and China."
Another former Secretary of State, Condoleezza Rice, was also quoted in the press release, noting that, since the futures of the U.S. and China are intertwined economically and politically, "there is no better way" to ensure stronger ties between the two countries than "through the development of the next generation of leaders."
Both Kissinger and Rice are on the Schwarzman Scholarship's honorary advisory board, which also includes include former French President Nicolas Sarkozy, former British Prime Minister Tony Blair and other former leaders from the U.S., China, Ireland, Canada and Australia.