Education: China’s secret weapon for technology dominance
Education: China’s secret weapon for technology dominance :- Total of 37 percent of Edtech funding deals, representing $1.07 billion, were actually made in China’s edtech companies in the year 2015, increasing from 18 percentile in 2014.
These are the companies which are teaching software development and other technology disciplines. Assuming that the trend from 2013-2015 remained steady, in an estimation based in percentages, China will take a top spot in 2016, moving ahead of the US and it will be a country to receive the highest investment in the education startups across the world.
As China is rapidly switching its econom from a manufacturing one to a service-based one, the government is actively investing in performing the switch and has recently announced a state-owned $30 billion VC fund investment in startups.
The Hangzhou city, for example, is planning to host 30,000 startups by the year 2020, and so qualified talent becomes mandatory to power the machine.
So this means…
With countries flourishing economy it is already seeing a lot of companies entering the market which means opening their new offices.
China has been the most popular destination for professionals in decades. The Public Security Minister, Guo Shengkun, recently said that an immigration office which will attract even more talent from abroad will soon be made.
But China knows that the solution ultimately needs to come from its own people. The nation ought to reverse the brain drain of the technology professionals that occurred in the past few years as many of the best and the brightest went abroad for their education. It should persuade those in abroad to return home and train the local talent. It is a huge task; China currently has 806 million workers who need to be retrained in the country and the government knows that tjis transition will not be an easy one.
Providing best education
China is speeding up to providing some of world’s best education; multiple Chinese universities entered the global top 100 index for the first time ever, this year. But people in the Technology world know that Higher Education, where it stands today, college, is no longer enough in training the workforce that the companies need.
By the pace at which the world is changing is day by day accelerating and demanding diversified and improved talent, and China is on the track to do so. The Chinese government is betting on education with Massive Open Online Courses (MOOC) for K-12 and is planning to train 13 million teachers. In China, everything is done at a scale.
Hoping to surpass US
The United States, especially the Silicon Valley, is currently leading in the startup and innovation race. The government of US also understands the importance of education and announced a new TechHire pledge of $150 million to accelerate the development of the institutions teaching the skills America needs.
An alternative education is finally and officially getting recognized as an effective and the US government will financially assist the low-income students who attend such institutions.
Education under the communist China was entirely uniformed and state-run. The country is aggressively tackling the transformation that will totally change their economy rate and over the upcoming decades both private and public funding will be made available to support the cause. According to OECD 37 percent of STEM degree holders will be in China by 2030.
Many doubt China’s ability to move ahead of US and becoming the next biggest innovative super-power. As the country is currently on-track to take first place in the term of edtech investments.