Blackstone chairman and CEO Stephen A. Schwarzman believes that the next generation of successful global leaders will be the ones who have a deep knowledge of China. He tells Fortune’s Susie Gharib that’s the premise behind his program, the Schwarzman Scholars. It launches next summer with its first class of one hundred students.
Schwarzman has committed $100 million of his own funds and has raised nearly $300 million more from corporate and individual donors to endow the one-year master’s program at China’s prestigious Tsinghua University in Beijing. Schwarzman envisions the students will spend their year studying Chinese history, traveling, and meeting government officials and top business leaders. He predicts that these graduates will one day become world leaders and their insights about China “will eliminate as much friction as possible so we don’t have misunderstandings” between the world’s two most powerful economies.