This is a no brainer. Your plan should be to do nothing except guard your cash, close your mouth, collect your bags, and walk out the Customs exit. The Chinese aren't going to be looking to hassle you and won't be an issue.

However, with a cash amount this large, you should reconsider carrying it and plan an alternative. The most logical way is a bank transfer, which may come with a fee, but is safer. I can't imagine a Chinese university that cannot take a bank transfer. If your country or situation is such that this isn't an option, then the best way to carry this much cash is to minimize the number of notes you have. If you can arrange to get Euro 500 notes, 10 of them will cover your needs. 10 notes can be placed in a money pouch worn underneath your clothing, so you and cash are always together during the travels. Euro notes would be as easy to exchange for Chinese RMB as USD--then you'd just have to guard the stack of RMB until it's handed over. The bank will want to see your passport and likely your invite letter for an amount this large, particularly if you have no account with them. The school's bank would be a logically place to exchange and perhaps place the cash directly in their account, but best to have a school official with you and under no circumstances hand over anything without a signed, chopped receipt.

If your school is insisting specifically on USD and that they want to get USD currency in hand rather than RMB, I would think something dodgy is going on.