SHANGHAI - Shanghai New York University (NYU Shanghai) was founded Monday in China's economic hub, showing China's dedication to the cultural and educational sectors.

As China's first Sino-US university operating as an independent legal entity, New York University and the Shanghai-based East China Normal University (ECNU) will jointly operate the institution.

"NYU Shanghai will be a 'melting pot' for cultivating innovative talents from China and the rest of the world," said Yu Lizhong, president of NYU Shanghai.

The campus, located in the Lujiazui Finance and Trade Zone in Shanghai's Pudong New Area, is expected to welcome its first group of 300 undergraduates, including about 150 from the Chinese mainland, next fall, Yu said.

About 40 percent of both its student and faculty populations will come from abroad.

NYU Shanghai is positioned as "a beneficial attempt in, and exploration of, building a high-level Chinese-foreign cooperative university," according to China's Ministry of Education.

Upon graduation, students will receive degrees from New York University, and NYU Shanghai will grant each student a graduation certificate and a degree.

The university's syllabi and curricula follow examples set by world-leading universities and feature a well-rounded education, English lectures and courses with Chinese characteristics, Yu said.

Moreover, the university offers a liberal arts education, as all students will take courses in the humanities and social and natural sciences before choosing a major.

The student to faculty ratio in the university will be eight to one, or double the average seen in Chinese universities, Yu said.

Its assessment of student applications will be based on students' performances on China's national college entrance examination and in an NYU-style student screening process.

According to plan, the annual tuition for each student from the Chinese mainland will be about 100,000 yuan (about $15,950), which is less than what most international students pay to attend many US universities, said Yu.

Tuition fees will be officially announced after being approved by the Shanghai municipal pricing authorities.

The university will accommodate an estimated 3,000 Chinese and international students in the future.