Shanghai New York University, the first institution of higher education jointly established by China and the United States, was officially founded on Monday.

The venture will be a melting pot for cultivating innovative talent and will help China tackle its brain drain, experts said.

"China's education reforms aim to better cultivate student ability to innovate and think independently, to provide comprehensive development and maximize their potential," said Yu Lizhong, president of NYU Shanghai. "That is what this college will do."

NYU Shanghai, based in the Lujiazui financial area, was established by New York University and Shanghai's East China Normal University.

The first Sino-US college operating as an independent legal entity, NYU Shanghai is expected to welcome its first 300 students next year from across the world. There will be 151 places for Chinese students.

About 40 percent of the faculty will be recruited globally, while the student-to-faculty ratio will be 8-1, half the average in Chinese universities, Yu said.

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