[photopress:MBA_Chinese_university_students.jpg,full,alignright] Each country approaches financing Higher Education in different ways. In Britain it burdens the student down with loans which effectively stifle any initiative in the early years. In the United States they do it by charging the parents very serious sums and then hammer successful alumni for contributions. In China it is in a state of transition.
Zhou Ji, the Chinese Minister of Education has admitted that higher education institutions in the country are facing a debt of over RMB200 billion and that much of it was caused by corruption among officials. But, he added the accumulated debt is a natural consequence of education reform. The corruption and inefficiencies are being rooted out.
Sinomonitor, a Sino-Japanese independent market monitoring company, and China Youth Zeitgeist Cultural, a domestic media firm specializing in university students, have a report based on a sample survey conducted among 10,000 students of 126 colleges and universities in 34 major cities from June to September last year. According to the survey:
The average disposable income for current undergraduates is RMB4,919 per semester.
Of their total earnings, 44% is from family funds, 17.4% is from grants and loans, and 10% earned by themselves.
Tuition fees and study-related expenses account for a chunk of their spending. The average figure around the country is about RMB1,801 per term.
About 67% of the surveyed could make ends meet while 22.4% had deposits in banks.
Some 27% of the students have personal computers.
19.6% have personal digital aids (PDAs).
11.9% have MP3 music players.
11.8% have portable CD (compact disc) players.
Sources: Asia Times and Epoch Times.