Braving the early summer sun, Dr. Chao, a shipping industry magnate and philanthropist from New York who is now in his late 80s, sat through the outdoor ceremony along with his five daughters, among whom the eldest, Elaine Chao, was the 24th US Secretary of Labor from 2001 to 2009 and the first Asian American woman to hold a cabinet position in history.

"When my parents relocated in America, a key element that helped them to not only survive but thrive was their education," said Elaine Chao. "That is why they devoted so much of their philanthropy to helping others access education."

And the Chaos had a very close connection with Harvard, as four of the six daughters in the family including Elaine attended HBS.

"Four daughters honoring their mother, four daughters went to Harvard Business School. To mark this moment reminded ourselves that only 50 years ago it was the first time that we admitted women into the Harvard Business School," said Nitin Nohria, the HBS dean.

Besides the Chao Center, the Chao family donation also includes 5 million dollars for a fellowship fund to provide financial assistance to students of Chinese heritage.

In an early interview with Xinhua, Dr. Chao said he hoped that the fellowship could help qualified Chinese students who couldn't afford the tuition to have a chance to study in a top university like Harvard, and that those beneficiaries could help promote US-China relations in the future.

According to a Chao family statement, the five living presidents of the United States, from Jimmy Carter to Barack Obama, all sent in congratulatory messages for the Chao Center's inauguration.