In the morning of Nov. 5, the School of Management, USTC and the Foster School of Business, University of Washington held the signing and unveiling ceremony of the USTC-UW Global Business and Financial Innovation Institute to jointly build USTC International Finance Institute.

On the signing ceremony, Vice Mayor WANG Xiang expressed warm congratulations on the successful cooperation between the School of Management of USTC and the Foster School of Business of the University of Washington. In his speech, he gave a high degree of recognition to USTC, who provides intellectual support and talent support to the development of Hefei City. He pointed out the importance of building the Global Business and Financial Innovation Institute, and said that Hefei City would continue to support the building of the International Finance Institute of USTC and provide service for the cooperation of the two schools.

Vice Secretary of the Party Committee of USTC, JIANG Yi gave a speech on behalf of USTC. He briefly introduced the history and current situation of USTC and spoke highly of the university of Washington (UW), who has obtained achievements in the field of academic research, personnel training, etc. He pointed out that the joint establishment of the Global Business and Financial Innovation Institute would make the two universities complement each other; the institute will become a high-end platform for commercial and financial theory and practice of collaborative innovation and it has great practical significance and social impact. Finally, he said USTC will provide the necessary resources and policy support to the construction and development of the Institute.

James Jambalvo, Dean of the Foster School of Business at the University of Washington, gave an introduction to the Foster School of Business. Associate Dean Xiaoping Chen introduced the content of the cooperation agreement and the related action plan. YU Yugang, Executive Dean of the School of Management of USTC introduced the project of the International Finance Institute of USTC in detail.

In the end, YU Yugang and James Jiambalvo signed a cooperation agreement to jointly establish the Global Business and Financial Innovation Institute. Together with James Jiambalvo, Vice Secretary of the Party Committee Jiang Yi unveiled the plaque for the Institute.

According to the agreement, the School of Management will cooperate with the Foster School of Business to develop undergraduate "3 + 1 + 1" program, MBA dual degree program, and joint doctoral program. Introduction of talent, team building, teacher training, cooperation and exchange of graduate student education will be promoted through the building of the Global Business and Financial Innovation Institute. A financial research center, a large data analysis center and operations management research center will be set up in the Institute. The Institute will provide an international cooperation platform of international education, research cooperation and talent introduction to the International Finance Institute of USTC jointly built by Hefei City and USTC.

The University of Washington is a famous research university in the world and also a member of the Ivy League. The quality of research papers ranks No. 4 in global universities, which makes UW one of the top ten research universities in the United States. It ranks No. 8 in Academic Ranking of World Universities, No. 14 in US News Global University ranking, No. 24 in the Britain's Times Higher Education World University Rankings, and it ranks third in the world in terms of research funding. Over the past 155 years since it was founded, the University of Washington has created a number of major inventions for the benefit of all mankind, such as the invention of the hepatitis B vaccine and ethylene synthetic rubber technology, drawing of the human genetic map, hosting the design of the Lunar Orbiter and Columbia Space Shuttle, participating in the spacecraft lunar exploration research project of NASA, developing a global computer DOS operating system and so on. The University of Washington has 13 Nobel laureates in Natural Science, 252 American academicians, 167 members of the United States Scientific Committee. Foster School of Business at the University is a world-class business school and enjoys a high academic status in the global business education and research areas. Its financial research ranks No. 7 in the world and MBA program ranks No. 7 in American public universities. More than 20 professors serve as the Editorial Board of the first class journals in management (UTD24).