[photopress:Chinese_student_1.JPG,full,alignright]China’s universities are confronted with a total debts of RMB300 to 400 billion ($42 to 56 billions) and the situation will last for more than ten years.
This according to Xu Hui from the Central Committee of the China Democratic League, a non-Communist party.
He said, ‘Another one trillion yuan ($141 billion) is needed to reach the target of a gross enrollment rate of 30% for higher education. It will take 40 years for the government to cover all the expense.’
Xu made the remarks at a plenary meeting of the 11th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), China’s top political advisory body.
Xu Hui said the situation for local public-owned universities is even worse. Although the number of public-owned universities and their students accounted for 92% and 85% of the total figures nationwide, their budget only stands at 57% of the total.
Xu Hui said, ‘Of the limited government investment, only 65% has been fulfilled. Many local universities even couldn’t make ends meet.’
He suggested the government raise the higher education budget with an input rise from the current of less than 0.6% of the GDP to 1%.
In addition, he called on public-owned universities to attract more capital through various channels to ease the government’s funding pressure.
He said, ‘The government cannot shoulder all the funding for higher education. Social resources should be further mobilized.’
Source: China View