NEW YORK, Reuters (May 31) The University of California, Irvine and Fudan University in China have launched a bi-lateral institute focusing on the intersection of business and law. UC Irvine School of Law and UC Irvine Paul Merage School of Business signed an agreement Tuesday with Fudan University School of Management in Shanghai to create the U.S.-China Institute for Business and Law.

The institute, the first of its kind to combine a U.S. law school and business school with a Chinese university, will serve as a think tank for Chinese and American industry leaders, scholars, policymakers and students. It also will hold conferences and summits on U.S.-China relationships and will publish scholarship in Chinese and English.

"We are now at a unique moment in history in which it is especially important to develop ties between China and the U.S. in business and law," said Erwin Chemerinsky, dean of UC Irvine, School of Law.

John and Marilyn Long pledged $2.5 million up front to create the institute and have committed another $2.5 million once matching funds are raised. John Long, founder of the Long Family Foundation, is a China-born international real estate investor. The full name of the institute is the John S. and Marilyn Long U.S.-China Institute for Business and Law.

(Reporting by Leigh Jones)