BEIJING – In response to rising youth unemployment and economic challenges, China has announced a series of measures to expand financial support for students. The Ministry of Finance revealed on Oct 12 that it will double the number of annual scholarships for undergraduate, postgraduate, and doctoral students. This will bring the total scholarship slots to 120,000 for undergraduates, 70,000 for postgraduates, and 20,000 for doctoral candidates, according to Vice-Finance Minister Guo Tingting.
In addition to increasing the number of scholarships, the government will raise the value of scholarships, with undergraduate awards increasing from 8,000 yuan (S$1,847) to 10,000 yuan annually. The limit on student loans will also be increased, offering further financial relief to students.
The measures are seen as a response to the record-high youth unemployment rate, which reached its highest level in 2024. Many students are opting for further education as job prospects remain uncertain. Chinese universities have also begun extending the length of postgraduate programs to ease pressure on the labor market.
In 2023, China allocated 93.2 billion yuan to support over 30 million college students. Banks also disbursed 70 billion yuan in student loans last year. These latest initiatives aim to continue supporting students financially while addressing broader economic and employment concerns.