Chinese Students Abroad Struggle With Tuition as Economy Falters



When Michael Bai left China to study in Scotland two years ago, his family had investments in businesses ranging from hotels to media to property in a swanky part of Shenzhen. But soon after Bai wrapped up exams during his first semester, his father texted him with bad news: He’d gone bankrupt—a victim of a stalled economy and plummeting real estate prices. “You need to borrow your tuition from your friends,” his father wrote. So Bai, 21, started delivering groceries, washing dishes and waiting tables to continue at the University of Glasgow. “There isn’t a Chinese restaurant in this city I haven’t worked for,” he says, exaggerating only slightly.

Bai’s experience is increasingly common among the expanding ranks of middle-class Chinese studying abroad, whose families believed attending university or high school overseas offered a sure path to prosperity. In 2019 there were more than 700,000 Chinese students outside the country, about 18 times the number in 2000, according to the Ministry of Education. But for many, overseas tuition that seemed within reach only a few years ago has become unaffordable.



Source link

Recommended For You

About the Author: Tony Ramos

Tony Ramos is a seasoned expert in business funding and real estate investment, with a remarkable journey spanning over 20 years. His expertise in flipping properties and implementing the buy-and-hold strategy has positioned him well in the real estate investment sector. Tony's profound understanding of financial strategies extends to teaching individuals and businesses how to become debt-free and leverage the power of LLCs for funding. For insights, mentorship, or collaboration opportunities, Tony can be reached at businessfundingnopg@gmail.com. Connect with him to unlock the potential of smart financial strategies and embark on a path to financial success and freedom.

Leave a Reply

Your email address will not be published. Required fields are marked *