When China’s Education and Science Industry Grows, You Need to Buy Its Products
China is the world’s second largest education market, and its economy is growing faster than many other countries, thanks in large part to an explosion of overseas students.
That’s a fact that has not escaped the attention of the world.
In an interview with Bloomberg, China Education Minister Wang Zhenlong explained why he believes this is the future.
“Our country is growing fast, and the foreign students coming here are buying things, buying everything from Chinese companies, from Chinese students, so that they can learn the language of China,” Wang said.
“So what we need is to develop products and services that we can sell overseas.”
Wang, a veteran politician who has been in charge of the country’s education system since 2013, is a big advocate of overseas education.
The ministry has invested billions in Chinese education, building universities and colleges overseas and even partnering with the likes of Alibaba to offer Chinese students overseas lessons.
But Wang also thinks that education should be a “local thing,” which means you should be able to make a profit by selling to overseas customers.
“You can make money from education abroad,” Wang told Bloomberg.
So you need products that are local, and that are made by local people.” “
Foreign students coming to China are buying Chinese products, but you need the product to sell in China.
So you need products that are local, and that are made by local people.”
He said he hopes the government will soon make it easier for foreigners to make money by selling overseas.
In the meantime, many foreign students have been stuck in China, and they have become a source of income for the local economy.
In 2014, China spent $3.7 billion on foreign students, the highest figure in the world and roughly half of the total spending on students, according to the University of Nottingham’s Higher Education Policy Institute.
The government has also spent tens of billions of dollars on overseas education, with universities and other institutions offering courses in over 60 countries around the world, including more than 200 courses offered in the United States.
China is one of the few countries that has the resources to fund its own overseas education program, which is why the ministry is investing millions in Chinese students and giving them priority for their enrollment.
“In the past, we didn’t have this ability, but now we have the money,” Wang explained.
China’s Foreign Education Investment Fund, or FIEF, will help foreign students enroll in courses, which the ministry says is a key step in helping the economy grow.
The fund will fund around $2 billion for overseas education in the next four years, Wang said, and a new generation of students could see an increase in earnings.
But, according the Wall Street Journal, the fund’s director, Wu Yongxin, told the paper that “the main reason for the fund is to help the foreign education industry grow and create a strong base for the country.”
The government says it wants to invest in overseas education for two reasons: the development of its own economy, and to help foreign businesses to create jobs.
The government has spent $2.7 Billion on overseas students in the last four yearsSource: Reuters / Flickr