context: To boost overall consumption capacity, Lan Fo'an 蓝佛安 Finance minister stated at a press conference on 12 October that a series of policy measures will be introduced, including increased support for key groups. The next step will be enhancing financial aid and reward programs for students.
In 2023, the national government allocated C¥93.2 bn to assist over 31 million higher education students. Through interest subsidies and other policies, banks were supported in issuing C¥70 bn in national student loans.
The Ministry of Finance will enhance the financial aid policy for university students in two stages, focusing on rewarding excellence and supporting those in need, explains Guo Tingting 郭婷婷 Finance vice minister
- 2024 first stage with four incoming key policy measures
- doubling the number of national scholarships
- undergraduate and college student scholarship recipients will increase from C¥60,000 to C¥120,000 annually
- master's students from C¥35,000 to C¥70,000
- PhD students from C¥10,000 to C¥20,000
- raising national scholarship amounts
- undergraduate and college students will rise from C¥8,000 to C¥10,000 per student per year
- the National Encouragement Scholarship from C¥5,000 to C¥6,000
- increasing financial aid
- from the autumn semester of 2024, the average annual grant for undergraduate and college students will increase from C¥3,300 to C¥3,700
- boosting the maximum student loan limit for
- undergraduates and college students will rise from C¥16,000 to C¥20,000 per year
- postgraduate students will rise from C¥20,000 to C¥25,000
- loan interest rates will also be reduced by 70 basis points below the market rate
- doubling the number of national scholarships
- 2025 second stage
- raising reward standards for postgraduate academic scholarships
- increasing grants for senior high school and vocational school students
- expand the coverage of financial aid