In Today’s Talking Points: Australian Education Group Paves the Way For China Expansion; China Increases Education Spending in 2017; Online Education Systems Are Gaining Momentum in China; China Looks to Educate Schoolkids To Win the Global AI Race
Australian Education Group Paves the Way For China Expansion
The Australian private education provider; Top Education Group will begin trading publicly on Hong Kong’s main stock exchange on May 11th after completing all the requirements for its IPO this week. The education group aims to raise HK$232 million worth of capital in order to fund its China expansion, with half of the capital to be used for mergers and acquisitions to diversify its business portfolio. Top Education Group will also use a share of the capital to establish six student experience centres in China, aiming to accommodate up to 30,000 students per year. Top Education Group provides 23 accredited undergrad and postgraduate courses in business and law, with Chinese students making up 86% of its customers. Along with the China expansion, the firm is also looking to increase its non-Chinese student base in Thailand and Malaysia.
Read more on The Standard
China Increases Education Spending in 2017
The State Ministry of Education said on Tuesday that spending by China on education increased 9.43% in 2017, spending a total of RMB 4.3 trillion (US$ 675 billion). Spending on preschool education rose to RMB 325.5 billion, up 16% year-over-year, while investment in compulsory education totalled RMB 1.94 trillion, an increase of nearly 10% since the previous year. High school expenditure was RMB 663.7 billion, increasing 7.8% since 2016, while spending on higher education exceeded RMB 1 trillion, up 9.72% from the previous year. These statistics are in line with recent government initiatives to increase spending on education in order to create a more educated and efficient work force.
Read more on XinHua
Online Education Systems Are Gaining Momentum in China
Online education systems in China are thriving as an alternative way to receive education, as the push for a more educated workforce continues. A report released this week estimates the number of users of online education platforms to increase by 5% a year, with the whole online education market to grow at over 20% annually. The total number of users has reached 144 million, 120 million of whom access their education systems via mobile phone. The study also states that more than 53% of Chinese parents have purchased online education classes for their children, with 31% of them being repeat customers. Also highlighted in the report was the increasing age of online learners and the increased use of AI algorithms in online platforms.
Read more on XinHua
China Looks to Educate Schoolkids To Win the Global AI Race
China’s plan to be a world leader in artificial intelligence by 2030 has moved forward even further with the release of its first artificial intelligence (AI) textbook for high schoolers. The textbook, named “Fundamentals of Artificial Intelligence” was released in April and comes after state education ministries called for the inclusion of AI programs in primary and secondary schools. The global AI business is expected to hit over 3 trillion USD by 2022, with the US leading the global race in training AI personnel. The report also forecasted that the demand for AI professionals in China will increase to 5 million in the next 5 years, and to only increase after that. The newly released textbook details the history of AI and its major applications in daily life, including facial recognition security systems and autonomous driving, both growing fields in China. 40 schools across China will be the first participants in the AI pilot programme, with the book currently sold out on major Chinese internet retailers. The programme is likely to be extended to further schools following the pilot.
Read more on South China Morning Post