PITY THE ASPIRING Chinese high-school student. Despite recent breakneck expansion-the number of places in Chinese universities has increased six-fold in the last six years-the country can offer university places to only one-fifth of its 125 million college-age youths. Youngsters hopeful of entry to elite universities must cram through their high-school years to have any chance. Meanwhile, even as the number of graduates has ballooned, the value of their degrees has plummeted. Many recent graduates have found only menial jobs, or none at all.
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