Five universities in China and Australia signed an agreement on July 29 to set up the Shangri-La International Education Alliance in Shangri-La county, South China's Yunnan province.

The five universities are East China University of Science and Technology (ECUST), Yunnan University of Finance and Economics (YUFE), Jilin University of Finance and Economics, Tianjin University of Commerce and University of Newcastle (UON).

According to the agreement, a joint international business program with double master degrees will be launched on March 2011.

The program will take two years, including one year in Australia. The degree in China is international business or international trade, meanwhile in Australia the course is a Master of International Business. Students will get two degrees.

The Core course of UON will include: International Trade and Investment, International Business Environment, International Business Strategy, Cross Cultural Negotiation and Management. The planning courses of ECUST- YUFE include: Modern International Marketing, International Human Resource Management, Chinese Business Environment, Chinese Accounting and Taxation, Chinese Commercial Law and Practice, Chinese Traditional Management and Chinese Cultural Experiences.