BEIJING: 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 officials from the Ministry of Finance and the National Development and Reform Commission.
During a news conference in Beijing on Saturday, Vice-Minister of Finance Guo Tingting outlined a dual approach to refining the policies: incentivizing excellence while providing necessary assistance to those in need.
To promote academic achievement, the number of recipients of the National Scholarship doubled at the beginning of the fall semester this year. The number of undergraduate recipients has increased from 60,000 to 120,000 per year. Additionally, the annual figure for master’s 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 ($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. –The Daily Mail-China Daily news exchange item
