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It is remarkable to see what is going on in China. Just see entrepreneurship taking whole in such an important grade. Even today, over half of the new jobs created in the United States are created by new businesses, the business of 5 years or less. And so in the country growing rapidly, China, the contribution that who can make to the development of your country is truly profound. Even in the advanced developed economy like the United States, the contribution of entrepreneurs is profound. For example, in the revolution of electronic computing, the leading companies were all fresh start ups, Intel, for example. Again when the personal computer came and distributive computing came in 1980s, it was Microsoft, Apple, and companies both hardware and software, Dell for example. And of course with the development of the internet in 1990s, again all brand new enterprises, Google, Amazon, and Facebook. So you are the engines of economic growth in development. Right here in this courtyard are the people who are going to drive the growth of China in the next decade. But the same is true for the society outside of the market economy. That is entrepreneurs of social arena has been extraordinary in the development of the United States and is going to take importance in China as well. But the work has been done in our country to help to improve conditions of the poor and less advantage. The work has been done to clean up the environment. The work has been done to provide education for those especially needed. Those all done by so-called NGOs, non-governmental organizations, also require innovative entrepreneurs’ leaders to succeed. In the work Zhang Lei is doing, I’m sure he will describe shortly, he is trying to encourage wise social entrepreneurs in China to help to raise child, to help education, to help with the construction of housing, to help in all kinds of ways. That will create a better life for the less advantage in Chinese society. Now you entrepreneurs know entrepreneurship is not something that is easily taught. It is hard for those educators to understand how do one give individuals to create a spark if they need to be an entrepreneur. We do think that in the United States we have developed in our best universities a system of education that at least can do some to unleash the entrepreneur spirit. Central tenets of what is called liberal education or liberal arts education are those that I think are most supportive and promotive of entrepreneurs. There are two key ideas: one is to sprawl a wide range of subjects as a part of one’s college education, not to specialize entirely in one subject. This is a notion of getting broad, multidisciplinary perspectives and to cultivate creative and adaptive thinkers. The second key idea is that encourage students to speak up, to speak for themselves to formulate their own views, to develop independent critical thinkings. This is done through questioning in class participation, to encourage students to question each other and question their teachers. Not a traditional pattern in the country like China. We in Yale have been working for the past seven years with the leaders of your best universities; try to bring some of these ideas to practice in China. We are making more progress with the first idea than the second. That is it’s been very wide-received in most of your universities. And we will gain more progress in the second. And it is a little harder. It takes some years but it definitely can be achieved. Yale is very proud to have so many opportunities to work closely with all of you on the top event.





