Nobel Economics Prize laureate Edmund Phelps laid the foundation stone for New Huadu Business School as the newly appointed dean in Fuzhou on Tuesday.

Nobel Economics Prize laureate Edmund Phelps laid the foundation stone for New Huadu Business School.

I will bring my ideas for a useful business education, for the benefit of all the students from Fuzhou, Fujian Province, and the whole nation, Phelps said.

Groundbreaking Ceremony of New Huadu Business School

Fuzhou was the city from which a great Chinese admiral set sail on his voyages of discovery. I hope this spirit will inspire us to explore our own new routes, he added.

Nobel Economics Prize laureate Edmund Phelps

The institution was invested 500 million RMB ($73 million) by New Huadu Foundation, which marks the largest single donation received by colleges, and will possibly be the best Business School in China in the future, said Tang Jun, chairman of the foundation and CEO of New Huadu Industrial Group.

Dedicated to “bring up CEOs from the civilians”, the School will provide various scholarships for bachelor degree student and overseas studies.

By Wei Tian