China's universities are saddled with RMB200 bn of debts and urgently need to find new funding channels, according to Zhou Ji, Education Minister. During a press conference at the 11th National People's Congress, the minister called for "joint efforts from society to pay for the debts of Chinese universities."
Most of the debts were owed to Chinese banks, although the reason for
the scale of the funding crisis was only alluded to. "I admit there is
corruption and wasted money," Zhou said, adding that while the
government would look to help the debt-stricken universities, the
institutions needed to find their own financial solutions.
"Universities should also save money and find various funding channels
to pay off the debts gradually," he said.
Some sources have questioned the government's figures, suggesting the
aggregate debts of Chinese universities could total RMB300 to 400 bn,
and that this critical situation could endure for at least another
decade.
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