NEW YORK (AP) — A new scholarship program in China that is intended to rival the prestigious Rhodes Scholarships has announced the members of its first class.
The program founded by Wall Street tycoon Stephen Schwarzman covers all expenses for students in a one-year master's degree program at Tsinghua University in Beijing.
The 111 Schwarzman Scholars announced Monday were chosen from more than 3,000 applicants. They represent 32 countries with 44 percent from the United States and 21 percent from China.
Schwarzman has said he wants the program to train global leaders with better understanding of China as the world's geopolitics shift to the rising power.
Schwarzman, a co-founder of the private equity Blackstone Group, contributed $100 million to the program and is leading a campaign to raise an additional $350 million for the endowment.