Confucius Business Institute, the first of its kind in the world, was inaugurated in London, People's Daily reported.

Jointly established by Tsinghua University and London School of Economics and Political Science, the institute will teach Chinese, contemporary Chinese culture, business and law for its manager-level students in the British business circle.

The institute is sponsored by the HSBC and BP and supported by the Chinese Ministry of Education, China National Office for Teaching Chinese as a Foreign Language and Chinese Embassy to Britain.

To date, some 54 Confucius institutes have been set up in 28 countries.

By People's Daily Online