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The Institute of International Education on Tuesday announced a one-time China-U.S. Scholars program that will support 48 Chinese and American faculty and students in the arts, humanities and social scientists to conduct research, study or teach abroad in the U.S. or China in the 2021-22 academic year.

The program, which comes in the wake of the decisions by the Trump administration last year to suspend the Fulbright and Peace Corps programs in China, is funded with $3.1 million in support from five foundations: Carnegie Corporation of New York, Ford Foundation, Harvard-Yenching Institute, Henry Luce Foundation and Rockefeller Brothers Fund.

“Academic exchange programs are a cornerstone of public diplomacy and are especially effective during challenging geopolitical periods,” the foundations said in a joint statement. “We make this one-time commitment at a time when many government-funded academic exchange programs between China and the U.S. have been suspended. This initiative signals the critical importance we place on people-to-people engagement and will ensure that some level of exchange between our two countries continues through the next academic year."