Bai Xian Education Foundation, a private family foundation incorporated in Hong Kong, launched its Asian Future Leaders Scholarship Program in Beijing on Tuesday, with the aim of promoting exchanges among Asia's young people, especially those from China and Japan.

The program has signed agreements with six universities in Asia in its pilot phase - Peking University, Zhejiang University, Hong Kong University of Science and Technology, Kyoto University, Waseda University and Hitotsubashi University.

Each year, up to 100 students will be selected for either a 1-year or 2-year scholarship to study for an undergraduate degree, MBA or Master/MPhil degree at a leading university in Asia. A total of 85 scholarships will be allocated to the six universities.

"The key to the future of Asia and the rest of the world hinges on whether or not Asian nations, especially China and Japan, can reach mutual understanding and cooperation," Tung Chee-hwa, former Hong Kong chief executive, said at the launching ceremony.

"The most important element is that the younger generations strive to understand each other, respect each other and cooperate with each other", he said.

Ronald Chao, founder of Bai Xian Education Foundation, said he hopes the scholarship program will attract the best students and universities.