A growing number of overseas Chinese students are running into financial difficulties due to the declining wealth of their families back home.
Since last year, there have been over 4.2 million posts with the hashtag"funding for overseas studies cut off" on social media platform"Xiaohongshu," often seen as China's Instagram.
But in October last year, her parents told her they were facing cash flow problems and could no longer offer her financial support. At that point, Zhang had enough money just to cover three months of rent. She still needed to pay the tuition fees for one more semester, she said, without specifying the amount."funding for overseas studies cut off" on social media platform"Xiaohongshu," often seen as China's Instagram.
Zhang started looking for part-time jobs such as babysitting or on-campus work, but it wasn't easy. She only managed to secure a temporary job in another state one month later. "Some are business owners. They want their kids to learn new and advanced ideas through overseas studies and then return home to help grow the family business."of Chinese students studying overseas were self-funded and not on scholarships or government funding, according to China's Ministry of Education.
Michael Bai is a 21-year-old Chinese sophomore student studying Economic and Social History at the University of Glasgow. His father had previously made a fortune through property investments, but he was hit badly as a result of the severe downturn in the Chinese real estate sector.
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