China refines financial aid for students

China has rolled out enhancements to its student financial aid policies aimed at rewarding outstanding students and supporting those from economically disadvantaged backgrounds, according to the Ministry of Finance and the National Development and Reform Commission.

Students study at the library of a university in Shenzhen. Photo from Dute News

To promote academic achievement, the number of recipients of the National Scholarship doubled since September this year. The number of undergraduate recipients has increased from 60,000 to 120,000 per year. Additionally, the annual figure for postgraduate recipients has risen from 35,000 to 70,000, and for doctoral winners from 10,000 to 20,000.

The National Scholarship amount for undergraduates has increased from 8,000 yuan (US$1,132) to 10,000 yuan per year, while the National Inspirational Scholarship has grown from 5,000 to 6,000 yuan annually.

To further assist students from low-income families, the average national grant for undergraduates increased from 3,300 yuan to 3,700 yuan per year, effective this fall semester.

The government will also enhance its student loan program, raising the maximum loan amount for undergraduates from 16,000 yuan to 20,000 yuan per year and for graduate students from 20,000 yuan to 25,000 yuan. Additionally, interest rates on these loans will be reduced.

China currently has a comprehensive financial assistance system led by the government, with contributions from educational institutions and society. The system includes national scholarships, grants, student loan offerings, tuition reduction funds, living allowances and work-study opportunities.

Last year, the government allocated 93.2 billion yuan to support over 31 million students in higher education. Financial subsidies enabled banks to issue 70 billion yuan in student loans. (Xinhua)