The country is experiencing stages of rapid transformation from an agrarian society to modern and globalised economy. Hwever, i is observed that education has always been given high priority in China. Gobalization and invention of advanced technology have escalated the procedure, wich had commenced in 1979 with Third Conference of the Eleventh Central Committee of Chinese Communist Party (KPMG, 2010). Mdernization is highly dependent on development of economy, wich basically concentrates on trade of goods and services. T develop a modernized society in China, astrong education system is as to inject skills and knowledge in the Chinese students, tereby creating a bright future for the country.
Vrious researches have indicated that economic history of China is defined on grounds of the ratio of education funding to Gross Domestic Product. Te ratio is identified to have increased from 3. 4% in 1997 to 5. 1% in 2002 (KPMG, 2010; Te striking increase in the funds for educational system has encouraged formal education. Te Chinese economy has transformed from planned to market economy. Te transformation is basically supported by wich are encouraged by the country.
Te educational horizon has expanded over the last 15 years It can be observed that ten years earlier, Mster in Business Administration (MBA) was unknown, bt post-2004, tere were around 47,000 MBA students, wo have been trained by 62 MBA schools (The Economist Newspaper Limited, 2014). I is worthy to mention that being a developed nation, te education system of Germany is quite strong than that of other countries. Te Ministry of Germany ensure that financial allocation is appropriate for growing educational all Germany.
S, a per governmental regulations, eucational institutions need to make higher amount of investments compared to that of their regular revenue. Te investment program, o part of the government, amed to account for 4% of GDP at a particular period of time (The Economist Newspaper Limited, 2014). Te time set by government is one year, wthin which development and improvement is expected to materialize in overall education system of Germany. Al these investments are particularly directed at enhancing compulsory education system of Germany. Tis marks a change in
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