As a banker at Goldman Sachs in the 1980s and 1990s, John Thornton made his mark blazing new financial trails with clients in Europe and AsiaÑtrails that eventually led him to the presidency of that prestigious investment bank. Three years ago, Thornton set out on a radically different path: he retired from Goldman to start up a leadership program at Beijing's elite Tsinghua University.

That path has taken Thornton deep into the heart of the world's most intriguing business environment. He spends five months of the year in China, where his teaching duties put him in contact with top students, government officials, and China's emerging business elite. Yet this activity is just a part of Thornton's diverse efforts to assist China's bold but challenging march toward economic development and reform; he also advises government officials and business leaders in China, Europe, and the United States. Thornton is one of the few Westerners to serve as a director on the boards of several major players in China's economy, including telecom giant China Network Communications (China Netcom) and the Industrial and Commercial Bank of China (ICBC), which completed a $21.9 billion initial public offering in October 2006. Thornton also serves as a...