Post by Global News on
China invests Approx 643.75 billion USD on Education in 2024 According to Statista (Textor, 2024), Public expenditure on education in China from 2013 to 2023. 'In 2023, public spending on education in China reached 4.12 trillion yuan. Education expenditure increased continuously over recent years, but growth rates are considerably lower than ten years ago.' Development of public spending on education 'Since the beginning of the reform era, the Chinese government attached great importance to the development of the educational sector. Besides structural reforms, public spending on education was increased considerably. However, the whole educational sector lagged far behind international standards in terms of quality as well as quantity. Public expenditure on education as a share of the national GDP, which is a common measure to compare educational systems, ranged at only around 2.5 percent in the mid-1990s. In 1993, the government announced the plan to increase educational spending to four percent of the GDP until 2000, but it took 12 more years to reach that target. However, considering that at the same time the GDP grew by double digits most of the years, the financial situation of the education sector improved greatly. This manifests itself in the substantially increased number of graduates and quality of degrees. Since achieving the four percent target in 2012, the growth of educational spending, which had reached more than 25 percent per year in the years before, was reduced to levels equaling the GDP growth. Compared to the public spending on education of developed countries, China is still at the lower range and did not reach the OECD average of around 4.8 percent of the GDP in 2018.' 4.12 trillion yuan * (1 USD / 6.4 yuan) = approximately 643.75 billion USD. To read full report, click here Reference: Textor, C. (2024). Public expenditure on education in China from 2013 to 2023. Statista. Image by Statista Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates. #GlobalNews #China #Education #Investment #Development
