BEIJING
China’s universities are getting a lesson in debt.
Higher education in the country is awash in red ink, as costs rise alongside soaring enrollment and government funding fails to cover the gap, according to a survey reported by state media on Monday.
The survey by Peking University, one of China’s best and most solvent, found 76 universities affiliated with the Education Ministry had combined debts of 33.67 billion yuan (US$4.42 billion; euro3.25 billion) at the end of 2005, the 21st Century Business Herald reported.
