The agreement provides for the construction of a three-thousand-kilometre pipeline from Kazakstan to the west of China.
The gold mavens of the west have nothing on China, 1.3 billion strong.
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"China's economy is growing at three times the rate of the West, and if that growth continues, China will become the largest economy in the world within the next couple of decades, " Mr Schwarzman said in a statement ahead of the funds launch on Sunday.
BBC: Stephen Schwarzman unveils $300m China scholarship fund
Mortenson claims that he has educated over 60, 000 of young children and mostly girls and built over 170 schools in Karakoram -the north west of Pakistan and the Wakhan valley of Afghanistan near the Russia and China border during the last 17 years.
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And if the core economies of the West do worse than expected, China policy makers will have to act faster than they have so far at lowering interest rates or providing stimulus where needed unless China slip into even lower growth.
Despite the fact that for the best part of two centuries China came to suffer hugely at the hands of the West, and to lag badly behind the West, the Chinese never stopped believing in themselves.
According to the University, the total income of the top 20 percent of the rural households was 10.19 times higher than the bottom 20 percent and that the wealth gap in west China was bigger than in the east of the country.
More than 260 of the injured were taken to the city's West China Hospital, where 202 remained as of Tuesday.
In his history of the foreign scramble for China, Robert Bickers of Bristol University looks mainly at the story of west European and, to a lesser extent, American interaction with the country.
As chief minister of West Bengal, he realised that economic liberalisation and the rise of China were making old orthodoxies redundant.
This isn't a story of the West losing out to China, because both will continue to profit in Africa.
The cost of living in China is very different from that in the West.
Where once the West relied on China's lack of environmental enforcement to tamp down rare-earth prices and implicitly subsidize high-tech goods, in the future the nature of the subsidy will change so that China's cheap(er) labor will subsidize Western mid-tech goods.
While Apple is having to apologize for the poor quality of its maps in the West, it is clearly superior to Google Maps in China.
Then in 1978, in a move almost unnoticed in the west, Japan and China signed a treaty of friendship.
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In the West it is the big infrastructure projects and huge mineral deals that set the terms of the debate about China's role in the world, this staggering migration tends to get less attention.
Mr Schwarzman said he hoped to foster "a win-win relationship of mutual respect" between China and the West.
BBC: Stephen Schwarzman unveils $300m China scholarship fund
For the West, this means developing a far richer and more nuanced understanding of China's social, political and economic context.
BBC: Stephen Schwarzman unveils $300m China scholarship fund
As entrepreneurial as they are, Mr Zhao observes, many small and mid-sized firms in China lack much of what is common in the West, in particular good management, proper accounting and savvy marketing.
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Expect more of China's online characteristics to be adopted in the West.
China's coal is located in the north and west of the country, far from the coastal cities where energy demand is growing strongly.
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With China and India showing faster growth rates than Western economies, research analysts have been bullish about luxury, positing that even if the West slows down, a rise in consumer spending among the newly rich of China, India and other emerging economies will lift the luxury market.
While most people in the West had never heard of Taobao, its name was heard loud and strong in China.
The sage's popularity in the West still owes more to Hollywood, source of much American soft power, than China's own efforts.
But in fact, there are a number of China tech startups innovating in areas unbeknownst to many in the West. (Virtual goods, which originated in Asia, is a good example.) YY Inc.
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At the same time, diplomats have been able to point to the sort of progress diplomats point to: a series of Security Council resolutions, supported by Russia and China as well as the West, telling Iran to stop its uranium-enriching centrifuges.
"Traditional recruitment processes, as they are understood in the West, only really started to be used in China after 1978, with the gradual liberalizing of China's economy, " said Mike Tims, the Asia, Middle East and Africa president at global human-resources consultancy SHL Group Ltd.
They have done so partly because they see that rescuing Russia's economy requires close economic links to the West, but also because they are rightly nervous about the growing power of their great eastern neighbour, China, and want a western neighbour they can turn to for help if necessary.
China's efforts to improve coal supplies include the building of a new east-west passenger railway line, set to open in 2013, which should free existing tracks for coal transport.
ECONOMIST: What is good news for miners is bad news for the environment
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