US billionaire to give US$300m to fund scholarships

Stephen Schwarzman, founder of investment firm Blackstone Group LP, is launching a US$300 million scholarship programme to send students from the US and other countries to study at China’s Tsinghua University, writes Samantha Stainburn for Global Post.

The programme is modelled on the Rhodes Scholarships, which provide high-achieving foreign students with a year of study at England’s Oxford University. The Schwarzman Scholars programme will bring 200 foreign students to China for one year to earn a masters degree, starting in 2016.

"I'm concerned with China growing at double or triple the rate of the West, that there will be tensions,” Schwarzman told Agence France-Press. “One needs to do something to start addressing misunderstandings and frustration.”
Full report on the Global Post site