China's education service needs to improve its brand influence: Michael Yu
By You Yang
Beijing is holding the 2020 China International Fair For Trade in Services. The Education industry is also one part among the exhibition. And China's education services need more communication with other countries around the world in order to be fully integrated with global education, said Michael Yu, or Yu Minhong, founder and chairman of New Oriental – one of China's leading education organizations.
"I think first we need more communication, because the Chinese people really want access to the world's most advanced education systems and educational content. On the other hand, the international community also wants to learn from China, such as China's education model and China's experience in education, after having two to three billion students in the country. Other countries actually need that kind of experience. This is an exchange only within the aspect of educational content. There could be huge trade exchanges behind this need," said Yu.
He also believes Western countries have advantages in exporting their services to China, because of their brand value.
For example if you bought a designer bag made by a Western brand, it could be sold at 100,000 yuan (14.6-thousand U.S. dollars). But a Chinese made bag, even if it has the same quality, could only be sold at about 10,000 yuan (about 1.5-thousand U.S.dollars). This means there is a gap of a brand value between the two products. But the brands are closely connected to the services trade, according to Yu.
He said China's education services need to improve their brand influence.
"Every year, there are hundreds of thousands of Chinese students who go to study abroad. Every student will bring his or her own tuition abroad. What does this mean? This means Chinese people want to pay more money to get a better education, and they believe they can gain more knowledge with one," noted Yu.
"In the future, we need to improve our university system, or vocational education system. If one day, when people think that they want to go to abroad to get a vocational or technological education, they will not only think of studying in Germany and Switzerland, but also studying in China. If one day, when people talk about general education and professional education, they could choose to study in China, I think that is the moment when China's education services will have truly arrived," said Yu.
According to Ministry of Education, over 660 thousand Chinese students study abroad last year. The U.S., the UK and Germany are among the top destinations.
(Cover image: CGTN's reporter You Yang talks to Yu Minhong, the founder and chairman of New Oriental Education and Technology Group in Beijing. /CGTN)