Harvard's China Ties Make It White House Target

The Great Recession left Harvard University in a financial crisis.

- Stephanie Saul & Steven Rich

Its endowment had plummeted by nearly 30%, or more than $10 billion, in 2009.

To help recover, Harvard's leaders found part of the answer in China. American business was pouring in, as Washington and Beijing encouraged—if at times warily—a policy of engagement as the best way to build bridges between the two countries.

China promised enormous academic and economic opportunities, and Harvard had something wealthy and well-connected Chinese craved: prestige and access to influential networks for themselves and their children.

Between 2010 and 2025, Harvard attracted $560 million in gifts and contracts from China and Hong Kong, the most of any American university, partly from private donors and foundations, as well as a small amount through contracts with government entities like universities.

"The confluence of new, enormous property wealth and especially favorable relationships"—with China's leadership and scholars—"have happily converged," wrote Harvard Magazine, a university-affiliated publication, almost breathless in describing the optimism in Sino-American relations at the time.