The establishment of Mundell International University of Entrepreneurship, named after Nobel Laureate Robert A Mundell, was announced in Beijing on Thursday.

The university is located in Beijing's Zhongguancun area, called the "Silicon Valley of China," and is the first university designed to foster entrepreneurs in China.

The university will begin its first term in November.

Mundell, known for his role in the creation of the common European currency, and Xu Jialu, vice-chairman of the Standing Committee of the Chinese National People's Congress, will be honorary presidents of the university. Ji Shiying, former chairman of Beijing Non-governmental Entrepreneurs Association, will be the university's president.

Faculty of the university will include famous Chinese entrepreneurs including Liu Chuanzhi, Duan Yongji and Zhu Xiduo, and noted professors from prestigious Chinese universities including Qinghua (Tsinghua) University, Beijing University and the People's University of China, as well as world famous economists including Milton Kotler, Peter F. Drucker and Michael E.Porter, who are recommended by Mundell.

Mundell is applying for a Chinese "green card," or China's Alien Permanent Residence Permit, and settling down in Zhongguancun area in Beijing's Haidian District.
 
(Xinhua News Agency October 29, 2004)