A Chinese graduate's record-setting $8,888,888 donation to his school at Yale University has stirred wide debate at home. While some say it's up to Zhang Lei to do as he likes, others question why he didn't donate to his alma mater in Beijing.
Yale President Richard Levin and School of Management (SOM) Dean Sharon M. Oster were in Beijing last week with Zhang when he announced his donation. They were taking part in a panel discussion called "Investing in the Middle Kingdom".
Levin said: "This truly extraordinary and auspicious gift reflects the deep commitment to Yale that Lei Zhang shares with so many fellow graduates of the School of Management. Lei's generosity also represents a significant step toward the realization of the SOM's new campus."
The donation will primarily help build the new SOM campus, while a portion will provide scholarship support for the International Relations Program at Yale's new Jackson Institute of Global Affairs, as well as fund a variety of China-related activities at the university.
Opinions at home have been split in online forums since the story broke a few days ago. On pinggu.org, a forum run by Renmin University of China where Zhang was enrolled as a student of International Finance in 1989, netizens including alumni of the university have taken sides.
Some asked why Zhang, who graduated from Yale less than 10 years ago, chose an overseas institution rather than his Chinese university for the donation. But a larger group of online users voiced support for Zhang's move and said there is still room for improvement regarding management of universities in China.
A prominent analyst urged people to be more tolerant toward the donation.
"We should look at this news from an international standpoint," said Chi Fulin, professor and president of China Institute for Development and Reform. Chi said although Yale is the recipient of the fund, the donation will also benefit China.
"It will promote more Sino-US exchange programs, and more Chinese will be involved in these exchanges." He said that China also has received a lot of support and funding from overseas donors, and Zhang's move should be regarded with "respect, understanding and encouragement".
In terms of cultural and educational exchanges between China and the United States, financial aid provided by the US government is rather limited, and a larger part of it comes from non-government organizations. "China should also try to attract more donations through such channels in the future," he said.
According to Yale's website, the SOM graduate was born in Central China in 1972. At the age of 17 he scored the highest in the university entrance exam out of about 100,000 students in his province before being enrolled by Renmin University.
Zhang said Yale changed his life and taught him the spirit of giving. In his profile he wrote: "Yale has been helping China for more than 100 years. Many Chinese leaders were educated at Yale. But the relationship has been one-way for too long and I want to help change that."
Su Jing, who graduated from Yale with a master's degree in environmental law and policy in 2008, shares the view.
"I would consider donating to Yale too once I'm more financially successful. It taught me so much such as networking and world values," Su told China Daily, adding that Chinese universities should improve their alumni network to let the graduates know that they are not forgotten.
Zhang, who graduated from the Yale School of Management in 2002, worked for the Yale Investments Office under Chief Investment Officer David Swensen. In 2005, Zhang founded Hillhouse Capital Management Ltd, a Beijing-based investment fund that manages $2.5 billion.
The Yale SOM seeks to raise $300 million by 2011 to ensure its "leadership in 21st century management education", according to the official website. One of the 11 other donors listed on the site is Laura Cha from Hong Kong, former vice-chairman of the China Securities Regulation Commission.
Subscribe to this comment's feed
samuel
said:
 |
... Mr. Zhang has rights to do whatever he pleases with his own money. Are you jealous just because of his generosity? Oh, poor guys, you need to study Christ's teaching and give up your narrow-minded nationalism. Amen. |
Tony
said:
 |
... He obviously got more out of Yale than university in China. Considering the differences it is little wonder. Yale would have opened his eyes and allowed him to think, Chinese Universities are still rigidly teaching dogma. Its no wonder so many Chinese study overseas. |
helen
said:
 |
... In a nation of 1.3 billion people with 56 ethnic groups and a recent history of hunger, famine, natural disasters, lack of opportunities, shame and humiliations (at the hands of foreign powers), you will invariably find all and sundry under the sky in China. Lu Xun wouldn't have written "AH Q" otherwise. In the course of my corporate life, I have encountered numerous wealthy people whose life and wealth become meaningless if they live in isolation. They need to be publicly recognized, respected, heeded, deferred to and conferred with special treatment and privileges ,,,,,and surrounded by modern-day ‘eunuchs’ to enjoy their lifestyle of affluence. Such is human nature that often times than not creates all kinds of reaction from the masses. The worst types are those who flaunt their wealth with total disregard and ignorance of their fellow beings in society. The wealthy can choose to do what they want with their money. Remember, it is their money. Hong Kong Li Ka Shing chose to set up a medical university in Shantou and contribute to many worthy causes to China.. China’s Lei Zhang opted to donate to Yale University. And many too, each in his own way either out of genuine concern, ego trip, recognition ……..you name it. Many in the new generation seek to carve out an individual identity to set them apart from their fellow beings. Wealth and material possessions become the yardstick and criteria for success. And social and economic climbing is the all pervasive pursuits. Publicity, positive or otherwise, of the nouveau riche and their lifestyles and inclinations is good. Hopefully, the up and coming generation can derive lessons and inspiration from it. But the Chinese government will NOT tolerate the rich and powerful of the land to trample over the Chinese people. There will not be a return to those pre-liberation days. And China will clamp down hard on those who abuse their positions and the people’s trust, without fear or favour. “TO GET RICH IS GLORIOUS” and must now be qualified with ‘but must be pursued legitimately.’ The 1960’s and 1970’s generation went for it like there is no tomorrow and caused much of the corruption among the officials both in the public and private sectors. And so many billions of yuan were siphoned out of China. The replacement of most of these generation officials with homegrown educated young will help to reduce this pestilence. This fight against corruption is always an on-going process. And when those homegrown educated young people realize their dreams in their Motherland, let’s hope they will not forget that there are millions upon millions of poor and unfortunate Chinese around them. New China is still a developing country and cannot be judged solely on the developments of its urban cities. That while the Chinese people can pursue their dreams and fantasies in New China, the Chinese government will monitor to prevent a return to the pre-liberation days …. |
