Hanban provides a grant for the establishment of the Confucius Institute for Business at State University of New York

Project narrative

On November 19, 2010, the Confucius Institute Headquarters (Hanban) and the State University of New York signed an agreement to establish the Confucius Institute for Business at State University of New York. As part of the agreement, Hanban is obligated to provide teaching materials, an annual fund, and numbers of Chinese instructors. The funds are dispersed through a local Bank of China account or other approved bank account created by the institute. The agreement has a 5-year validity and automatically renews at the end of every 5-year term. In 2010, State University of New York and Nanjing University of Finance & Economics (南京财经大学), the cooperating partner, signed a supplementary implementation agreement. The Nanjing University of Finance & Economics agreed to provide one or two visiting scholars annually, donate teaching materials, and receive student study groups. The Confucius Institute was officially established on December 10, 2010.