Peking University has launched a club for entrepreneurs to cultivate a sense of social responsibility among enterprises, the Beijing News reported.

According to school principal Zhou Qifeng, a total of 79 Peking University graduates have become billionaires in the last decade, outperforming all other universities on Chinese mainland.

The new club will finance scholars's study and help innovative students to start businesses.

China's richest man, Baidu CEO Li Yanhong, graduated from the Information Management Department of Peking University in 1991, the report said.

Zhou said he was happy to see Peking University is not only capable of producing scholars, but successful entrepreneurs as well. Zhou urged successive alumni to contribute more in charity.