Peking University (abbreviated PKU or Beida; Chinese: 北京大学, pinyin: běi jīng dà xué) is a major Chinese research university located in Beijing and a member of the C9 League. Founded as the Imperial University of Peking in 1898 as a successor and replacement of Guozijian (Imperial College), it is the first modern national university established in China. It also served as the highest administration for education in China at the beginning of its founding. In 1917, Cai Yuanpei became the president of the university and initiated a series of reforms that helped transform the University, including faculty governance and democratic management. By the early 1920s, Peking University had become a center for China's emerging progressive thought. The university had played an important role in the birth of China's New Culture Movement, May Fourth Movement and many other significant events, to the extent that the university's history has been closely tied to the history of modern China. Peking University has educated and hosted many prominent modern Chinese figures, including Mao Zedong, Lu Xun, Gu Hongming, Hu Shi, Mao Dun, Li Dazhao, Chen Duxiu, and the current Premier Li Keqiang.As of 2017, Peking University's faculty includes 76 members of the Chinese Academy of Sciences, 19 members of the Chinese Academy of Engineering, and 25 members of the World Academy of Sciences. Peking University's school library is one of the largest libraries in the world with over 8 million volumes. The university also operates the PKU Hall, a professional centre for arts performance, and the Arthur M. Sackler Museum of Arts and Archaeology. Peking University's affiliated Founder Corporation is the largest university affiliated company in China, its total assets value is 239.3billion RMB in 2016. It is a Chinese Ministry of Education Class A Double First Class University.Peking University has been consistently ranked as the top academic institution in China. It is one of the most selective universities in admissions in China. In 2017, Peking University was ranked the best university in China by CUAA for the 11th consecutive year. In addition to academics, Peking University is especially renowned for its campus grounds and the beauty of its traditional Chinese architecture.The university's English name has retained the older transliteration of "Beijing" that has been abandoned in most other contexts.