Competition for higher education is the flip side of human capital accumulation in China

UDC 378

Authors

Wang Jiangang,
PhD in History, E-baig Company, China
K. K. Kumekhov,
Doctor of Economics, Professor of the Department of Economics and Finance, Odintsovo Branch of MGIMO of the Ministry of Foreign Affairs of Russia Moscow, Russia
N. Yu. Surova,
Ph.D. in Economics, Professor, Director of the Institute of Management and Socio-Economic Design, Russian University of Economics. G. V. Plekhanova Moscow, Russia

Abstract

Objective. In the scientific community, the phenomenon of human capital is presented as “accumulated knowledge, productive abilities of the population used in economic activity” [3]. In its development, a paramount role is played by the presence of a perfect balanced system of school and vocational education, focused on the formation of the most demanded competencies in the market among students.
Materials and methods. As practice shows, such competition contributes to a significant increase in the requirements for the level of knowledge among applicants in the struggle for the most prestigious and highly profitable jobs, which ultimately ensures unprecedented rates of economic development in various countries. The most striking example of such progressive development is China, which is taking the leading positions in the world in many areas of development largely due to the presence of a rapidly developing education system.
Result. Along with this, in recent years, negative aspects of the accumulation of human capital have been manifested, such as the growing number of suicides among schoolchildren and students, their inadequate psycho-emotional state, due to the excessive tension of the educational process. In addition, the parents of students, despite the enormous attention from the state to the education system, become hostages of the competition for the best schools and universities, devoting most of their income and time to the education of their children.
Conclusion. This article is devoted to the analysis of the economic component of the educational process in China and the development on this basis of measures to bring its state in line with the needs of a particular person and society as a whole.

Keywords

human capital, educational process, education spending in China.