China will roll out enhanced student financial aid policies aimed at rewarding talented students and supporting students from economically disadvantaged backgrounds, according to officials from the Ministry of Finance and the National Development and Reform Commission. I am doing it.
At a press conference in Beijing on Saturday, Guo Tingting, vice minister of the Ministry of Finance, emphasized two approaches to refining policies: encouraging talented people while providing necessary support to people in need. The approach was outlined.
In an effort to improve academic ability, the number of recipients of national scholarships was doubled at the beginning of this year’s fall semester. The number of undergraduate recipients increased from 60,000 to 120,000 annually. In addition, the annual number of master’s degree recipients increased from 35,000 to 70,000, and the annual number of doctoral degree recipients increased from 10,000 to 20,000.
The national scholarship for undergraduate students was increased from 8,000 yuan ($1,132) to 10,000 yuan per year, and the national inspiration scholarship was increased from 5,000 yuan to 6,000 yuan per year.
To further support students from low-income families, the average national subsidy for undergraduate students has been increased from 3,300 yuan to 3,700 yuan per year starting this fall semester.
The government will also strengthen the student loan system, raising the annual loan limit for undergraduate students from 16,000 yuan to 20,000 yuan, and for graduate students from 20,000 yuan to 25,000 yuan. Additionally, the interest rates on these loans will also be reduced.
Guo pointed out that further updates to graduate student scholarship criteria are expected in 2025, with an increase in subsidies for high school and professional students, which will expand the scope of financial support. did.
China currently has a comprehensive government-led financial aid system, which also includes donations from educational institutions and society. The scheme includes state scholarships, grants, student loans, tuition relief funds, living allowances and work-study opportunities.
Last year, the government allocated 93.2 billion yuan to support higher education for more than 31 million students. Additionally, financial subsidies have enabled banks to issue 70 billion yuan in student loans.
Zheng Shanjie, chairman of the National Development and Reform Commission, said at a recent press conference that the new initiatives are part of a broader economic strategy aimed at boosting domestic demand. These policies aim to increase the incomes of low- and middle-income groups and stimulate private consumption.
Recently, China has rolled out a series of gradual policies, including a financial aid program for students, to stabilize the economy and achieve its annual socio-economic development goals. Finance Minister Lan Fung highlights the government’s commitment to implement targeted policies to support key demographics, particularly university students, to strengthen overall spending capacity and stabilize economic growth did.
China’s comprehensive financial aid policy aims to ensure that all students have access to higher education, regardless of their economic background.
