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There's no question China was poor in 1990 (or even 2000) compared to now, but do you think the numbers from China are trustworthy? Also, has it trickled down to everyone in China or is it only a small minority of people who have benefited?
How does the life of an average Chinese person compare - is it most comparable to India, America, Latin America or western Europe?
I know one kid from China pursuing a PHD in science at New York University in New York City. His parents are not rich. Both of them live in China. His mother is a bank clerk and his father drives a truck in China. But they pay $50,000 USD a year for his tuition and living costs. NYU is one of the most expensive colleges in US if not the world. I know some guy making more than $100,000 USD a year here in New York. He is even having trouble paying his kid going through some average college. I have no idea how that kid's parent is able to afford it. I bet they probably sold their houses in China and make a lot of sacrifices to let their son have a better life.
I know one kid from China pursuing a PHD in science at New York University in New York City. His parents are not rich. Both of them live in China. His mother is a bank clerk and his father drives a truck in China. But they pay $50,000 USD a year for his tuition and living costs. NYU is one of the most expensive colleges in US if not the world. I know some guy making more than $100,000 USD a year here in New York. He is even having trouble paying his kid going through some average college. I have no idea how that kid's parent is able to afford it. I bet they probably sold their houses in China and make a lot of sacrifices to let their son have a better life.
99% PhD students in science have assistantship/scholarship and do not need to pay any tuition. They also have a stipend, which is about $3000 per month in NYU.
That being said, it is true that middle class Chinese families usually can afford sending their child to a US school. In China, savings rate is extremely high. My parents (they teach) save 80% of their income.
99% PhD students in science have assistantship/scholarship and do not need to pay any tuition. They also have a stipend, which is about $3000 per month in NYU.
That being said, it is true that middle class Chinese families usually can afford sending their child to a US school. In China, savings rate is extremely high. My parents (they teach) save 80% of their income.
Part of that high saving rate is due to the tradition of Chinese frugality. But another is the fear that comes from a weak social safety net. It's a huge problem when China is trying to reform its economy and switch its engine of growth from investment intensive and property speculation intensive, to consumer intensive and service intensive.
If the Chinese continue to save 80% and send their kids to US colleges, what they are effectively doing is slaving away their whole lives, forgoing immediate consumption, giving their savings to US institutions and other consumer focused companies, and starving Chinese service and consumer focused companies in the process. This is very bad for China and very good for the US. I live in the US and own a home here. In my city, the Chinese are flooding in and driving up RE value. It's good for me but I also know that this is not a benefit to China itself.
99% PhD students in science have assistantship/scholarship and do not need to pay any tuition. They also have a stipend, which is about $3000 per month in NYU.
That being said, it is true that middle class Chinese families usually can afford sending their child to a US school. In China, savings rate is extremely high. My parents (they teach) save 80% of their income.
Yeah, you are right!
My mistake. For clarity, his son is getting a MS degree in biology at NYU now. He will pursue a PHD in science at NYU after his completion of MS degree. He might study for a PHD in medicine if his MCAT is high enough. His parents are paying through the roof now. I could imagine what their parents will be paying if their son got accepted into the medical school. I don't think medical school has stipends for students. It is much easily if he just get a loan here, but he is a foreigner. Banks here don't usually lend money to foreigners. So the financial burden falls on his parents. Medical school could be very expensive. Probably around $70,000 USD including tuition and other costs. His parents now are paying $50,000 USD for his son's MS degree at NYU.
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