Blackstone chairman to set up China scholarship

Stephen Schwarzman, the chairman of private equity firm Blackstone Group (BX.NYSE), is setting up a US$300 million (RMB1.8 billion) scholarship at China’s Tsinghua University to allow foreign students to study at the school, Bloomberg reported. At a ceremony in Beijing announcing the donation, Schwarzman said that American people have a “frog’s eye view of the world,” a Chinese proverb meaning a very limited perspective on world affairs. He said he hoped the fund would “spur a greater comprehension of China.” Schwarzman is giving US$100 million of his personal wealth and will look to raise an additional US$200 million from the likes of Bank of America Merrill Lynch and General Electric.