From China Daily:
China’s major public universities and colleges are encumbered by huge debts, according to a survey by Peking University.
The one-year survey covered 76 universities and colleges affiliated to the Ministry of Education. It showed that the institutions rely heavily on bank loans and government funds.
Most of their income goes to paying interest on the bank loans, according to the Chinese-language 21st Century Business Herald, which published part of the survey yesterday. [Full Text]
