Established in Shanghai in 1994 as a non-profit joint venture between the Chinese government and the European Union, the China Europe International Business School (CEIBS) has been a leader in all major innovations in business education in mainland China. Widely recognized as the best business school in Asia, CEIBS stands as an example of the success of China-EU cooperation, and as a showcase of the achievements of China's reform. Up to two students from each institution spend the fall semester/term of their second year at the other institution as visiting students.