Study Abroad Destinations Become Increasingly Pragmatic (AI Translation)
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文｜财新周刊 文思敏 发自香港，杨敏 发自新加坡
By Caixin Weekly’s Wen Simin, reporting from Hong Kong, and Yang Min, reporting from Singapore
“令人震惊的是，香港非但没像我预期的那般遭受重创，反而可能从中受益。”摩根士丹利亚洲区前主席罗奇近日在美国家中修正了自己早前的言论，他现在认为，香港的独特地位令其金融行业受益；加上特朗普政府打击哈佛大学和国际学生让人才回流，“我们（美国）的损失正是你们（香港）的收获”。
“Surprisingly, Hong Kong has not suffered the severe blow I expected; in fact, it may even benefit from recent developments,” said Stephen Roach, former Chairman of Morgan Stanley Asia, who recently revised his previous statements in an interview at his home in the United States. Roach now believes that Hong Kong’s unique status will give its financial sector an edge. Additionally, the Trump administration’s crackdown on Harvard University and international students is prompting a return of talent. “America’s loss is Hong Kong’s gain,” he said.
除了金融业，香港的教育行业亦成为另一受益行业。香港和周边的东南亚地区，正成为中国内地学生的留学新热土。
Beyond the financial sector, Hong Kong’s education industry has also emerged as another beneficiary. Hong Kong and neighboring Southeast Asian regions are becoming popular new destinations for students from Mainland China seeking to study abroad.
“就像从前购买爱马仕，但现在转买蔻驰；过往留学美本是一种‘奢侈消费’，但现在许多家庭开始转向成本更低的留学目的地。”主攻美国本科申请的AcadeMe德明教育负责人杨刚这样形容当前的留学格局。
“It’s like how people used to buy Hermès but are now opting for Coach instead; in the past, studying at an American university was a form of ‘luxury consumption,’ but now many families are turning to more affordable destinations for overseas education,” said Yang Gang, head of AcadeMe Deming Education, an agency specializing in U.S. undergraduate admissions, describing the current landscape of studying abroad.
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- Hong Kong's financial and educational sectors reportedly benefit from its unique position and the US government's actions affecting international students.
- There is an observable diversification and regionalization of study abroad destinations, with growth in Asian countries like Hong Kong, Singapore, Malaysia, and Thailand.
- The shift is attributed to factors like cost-effectiveness, geographical proximity, relaxed visa policies, and a focus on "return on investment" for families.
The recent shift in international student flows has seen Hong Kong not suffering as previously anticipated, but rather potentially benefiting from global developments. Stephen Roach, former Chairman for Asia at Morgan Stanley, revised his earlier assessments, predicting advantages for Hong Kong's financial and educational sectors. Changes in US policies impacting international students have contributed to talent returning to Hong Kong, which, according to Roach, is effectively “America’s loss and Hong Kong’s gain”[para. 1]. The appeal is not limited to finance; education has also flourished. Hong Kong, alongside Southeast Asia, is increasingly popular among mainland Chinese students seeking cost-effective study abroad options. As the prestige of studying in the US fades due to policy risk and return-on-investment concerns, Hong Kong and Singapore have moved from “backup” to preferred destinations. Their appeal includes proximity, abundant resources, relaxed visa policies, favorable employment prospects, and stable social environments. A recent survey by EIC Education in 2025 showed that “education quality” and “employment prospects” are the main concerns for students, while the importance of “cost of studying abroad” has increased[para. 2].
This trend is not unique to China; worldwide, families are re-examining destination choices due to lackluster economic recovery and inflation in traditional destinations. Countries in Europe, Asia, and the Middle East are now attracting students from India, the Middle East, and Southeast Asia. Agencies report that, starting in 2024, mainland families applying for US colleges are also considering Hong Kong or Singapore as alternatives for security against US policy shifts[para. 3]. EIC Education data positions Hong Kong as the second most popular destination for mainland students after the UK. Hong Kong’s strengths include a stable environment, top-ranked universities, and clear policies aimed at attracting international talent. The number of student visas issued reached 62,000 in 2023, a 47.6% increase over the pre-pandemic period[para. 4]. Hong Kong’s government and universities have responded to international students facing difficulties in the US with open admissions and scholarships. Policy changes have also boosted undergraduate admissions capacity for non-local students, aiming to reinforce Hong Kong’s status as an international education hub[para. 5].
Meanwhile, Singapore’s top universities—National University of Singapore (NUS) and Nanyang Technological University (NTU)—have gained international luster, with about 93,000 international students and a large Chinese contingent[para. 6]. At a broader level, European destinations like Germany and France have surged in popularity due to free public education, while Japan’s appeal has risen thanks to favorable currency exchange rates and improved relations with China[para. 7].
A “layered” system is emerging, with elite students choosing between the US and Asian schools and the broader cohort seeking affordable credentials. Southeast Asia’s Malaysia and Thailand are attracting students as cost-saving alternatives, with Malaysia seeing a near fourfold increase in Chinese student applications since 2020. Ease of admission and lower living costs drive this trend[para. 8][para. 9].
Economic concerns are underscoring these shifts. US and UK tuition is exceptionally high—for example, a year in a top US business master’s program can cost close to 1 million RMB. Admissions processes in Asia are more transparent, and scholarships or assistantships are prevalent, supporting the needs of middle-income families who increasingly value affordability and support[para. 10][para. 11].
Furthermore, “hybrid” study abroad models—combining domestic and overseas study—are gaining traction, offering flexibility and reduced costs. Meanwhile, the UK is expanding joint degree programs to maintain international student revenues[para. 12]. Given these shifts and the unpredictability of Western immigration and work policies, more families are likely to choose emerging destinations, including the Middle East, which now boasts internationally affiliated universities with generous financial packages and lower costs of living[para. 13][para. 14].
- Morgan Stanley
摩根士丹利 - Morgan Stanley's former Asia chairman, Stephen Roach, now believes Hong Kong's unique status benefits its financial industry. He suggests that the Trump administration's policies, such as cracking down on international students, cause a talent outflow from the US, which benefits Hong Kong.
- AcadeMe Deming Education
AcadeMe德明教育 - AcadeMe Deming Education is a consulting firm specializing in US undergraduate applications. Its director, Yang Gang, notes a shift in the study abroad landscape. Due to increased sensitivity to "return on investment," many families now consider lower-cost destinations like Hong Kong or Singapore, especially if top-tier US universities aren't guaranteed.
- EIC Education
启德教育 - EIC Education is a prominent educational agency in China. Their 2025 survey data highlight key factors influencing study abroad choices. "Educational quality" and "employment prospects" are top concerns, with "study abroad costs" rising in importance from 7th in 2021 to 6th in 2025. EIC Education's data also indicates that Hong Kong is now the second most popular destination for mainland Chinese students, after the UK.
- INTO Education Group
INTO教育集团 - INTO Education Group is a co-founder of Steven Smale. Smale states that, similar to China, parents in India, the Middle East, and Southeast Asia are re-evaluating study abroad options as global economic recovery falls short and inflation rises in traditional study destinations like the US, Canada, UK, and Australia.
- The Hong Kong University of Science and Technology
香港科技大学 - The Hong Kong University of Science and Technology (HKUST) is one of Hong Kong's eight public universities. It is highly regarded and a top choice for mainland Chinese students, especially those affected by US policy changes. HKUST has actively welcomed students from Harvard and other US institutions facing disruptions, offering unconditional admissions and simplified processes. Two Harvard graduate students have already been accepted into HKUST's science and technology and interdisciplinary programs.
- City University of Hong Kong
香港城市大学 - Recognized as one of Hong Kong's top public universities, City University of Hong Kong (CityU) is actively welcoming international students affected by policy changes in other countries. CityU, along with other Hong Kong institutions, is offering support like special scholarships to encourage these students to continue their studies in Hong Kong.
- The Hong Kong Polytechnic University
香港理工大学 - The Hong Kong Polytechnic University is one of Hong Kong's 8 public universities. It has welcomed international students affected by policy changes, offering support such as special scholarships. The university, alongside other Hong Kong institutions, benefits from increased student visa approvals and government efforts to make Hong Kong an international higher education hub.
- The University of Hong Kong
香港大学 - The University of Hong Kong is among the eight public universities in Hong Kong, with five ranked in the top 100 globally by QS. It accepted 1,200 non-local undergraduates in the first academic year after policy changes increased the non-local student quota to 40%. The university receives approximately 20,000 non-local undergraduate applications annually.
- The Chinese University of Hong Kong
香港中文大学 - The Chinese University of Hong Kong is one of the eight public universities in Hong Kong, with five of them, including CUHK, consistently ranking among the top 100 globally by QS World University Rankings. CUHK is actively recruiting global talent, offering a stable environment and opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area.
- National University of Singapore
新加坡国立大学 - National University of Singapore (NUS) is a world-class institution, ranking 8th globally by QS World University Rankings in 2024. It offers a balance of quality education and reasonable tuition compared to Western universities. NUS is a popular choice for Chinese students, with flexible visa policies that allow international students to work or start businesses in Singapore for up to two years post-graduation.
- Nanyang Technological University
南洋理工大学 - Raya, after abandoning plans to study in the US due to visa uncertainties, chose Nanyang Technological University (NTU) in Singapore. NTU's computer science program ranks globally among the top, only surpassed by top-tier US universities. NTU is a world-class institution, alongside the National University of Singapore (NUS), making Singapore a highly attractive destination for international students.
- Jinan University
暨南大学 - Xia Luo, who majored in International Relations at Jinan University, initially aimed for US universities but opted for Nanyang Technological University after receiving a full scholarship.
- Universiti Sains Malaysia
马来西亚理科大学 - Universiti Sains Malaysia (USM) is a public university in Malaysia, ranked 137th globally by QS in 2024. It offers postgraduate programs, like the multimedia program that costs roughly RMB 60,000 annually. USM is one of five Malaysian public universities in the QS top 200, making Malaysia a competitive study-abroad destination.
- Xiamen University Malaysia Campus
厦门大学马来西亚分校 - Xiamen University Malaysia Campus, established by Xiamen University, operates on an entirely English-medium, British-style education system. It offers a competitive option in Southeast Asia for students, with graduates receiving degrees from Xiamen University. Due to the full English instruction, its graduates may have an advantage when applying for master's programs abroad.
- University of Malaya
马来亚大学 - The University of Malaya, located in Penang, is a public university in Malaysia. It's ranked 137th in the QS World University Rankings 2024. Despite its global standing, its recognition within China may vary.
- Universiti Putra Malaysia
博特拉大学 - Universiti Putra Malaysia (UPM), a public university in Malaysia, is listed among the top 100 QS World University Rankings. Its annual tuition fees are relatively low, making it an attractive option for students with limited budgets who still seek a top-tier academic background.
- Stanford Graduate School of Business
英国斯坦福大学商学院 - The article mentions Stanford Graduate School of Business (presumably the Chinese "斯坦福大学商学院" refers to this). It highlights that the school's annual tuition is $85,000, with total annual expenses (including living costs) reaching $136,000, or nearly one million RMB. This makes it a very expensive option for prospective students.
- Rice University
英国莱斯大学 - Rice University is listed as one of the US universities an applicant received offers from, alongside the University of Chicago, University of Southern California, and New York University.
- New York University
英国纽约大学 - The article mentions that a student named Lei Ya received offers from several US universities, including New York University. However, she ultimately chose Singapore's Nanyang Technological University for its AI program due to concerns about uncertainties with US visas.
- University of Chicago
芝加哥大学 - The article mentions the University of Chicago as one of the American universities where a student, Leah, received an offer for a one-to-one-and-a-half-year master's program.
- University of Southern California
南加州大学 - The University of Southern California (南加州大学) is an American university that offered admission to a student named Leia. Leia ultimately chose to attend Nanyang Technological University in Singapore for her master's degree due to concerns about US visa uncertainties.
- 2015：
- Immigration policies in many countries were relatively relaxed, making it easy for international students to stay abroad for a career or return home for employment after graduation, and 'returnee' (haigui) status carried a premium in China.
- 2019：
- Hong Kong Immigration Department issued 42,000 student visas, prior to the COVID-19 pandemic.
- 2020：
- 8,876 new Chinese students applied to study in Malaysia.
- After the pandemic (After 2020)：
- Clear shift in stratification and pragmatic choices among Chinese students and parents regarding study abroad; demand for half-term international joint education programs grows.
- 2021：
- Among factors influencing Chinese students’ choice of study-abroad destinations, 'study-abroad costs' ranked as the seventh most important factor according to EIC Education.
- 2022 academic year：
- Thai universities hosted 36,000 international students, with Chinese students accounting for nearly 60%.
- 2023：
- Hong Kong Immigration Department issued 62,000 student visas, a 47.6% year-on-year increase compared to 2019.
- 2023：
- Since 2023, The Chinese University of Hong Kong has appointed approximately 150 scholars from nearly 20 countries and regions as part of the 'Vice-Chancellor Strategic Recruitment Scheme.'
- 2023：
- Thailand’s Office of the Permanent Secretary for Higher Education, Science, Research, and Innovation (MHESI) released data on international students in Thai universities.
- 2024：
- Quota for non-local students in bachelor’s, associate, and master’s degree programs at the eight major public Hong Kong institutions doubled from 20% to 40% starting from the 2024/25 academic year.
- 2024：
- Peipei enrolled in the master's program in multimedia studies at Universiti Sains Malaysia (USM); her annual tuition doubled in 2024.
- 2024：
- According to Singapore’s Lianhe Zaobao, as of June 2024, there were approximately 93,000 international students in Singapore. Roughly 60% were from China, with between 12,000 and 15,000 Chinese students choosing to study in Singapore each year.
- 2024：
- University of Hong Kong admitted 1,200 undergraduate non-local freshmen, a year-on-year increase of 30% and reaching the upper limit set by the Hong Kong government.
- 2024：
- In the first academic year after policy relaxation, University of Hong Kong sees a surge in undergraduate applications from non-local students.
- 2024：
- Education Malaysia Global Services (EMGS) reported 81,992 international students applied to study in Malaysia, with 33,216 new applicants from China.
- 2024：
- In its 2024 Policy Address, the Hong Kong Special Administrative Region government mentioned the goal of building a 'Study in Hong Kong' brand for the first time.
- Since 2024：
- Most clients applying to U.S. universities also submitted applications to institutions in Hong Kong or Singapore as alternatives, as reported by Yang Gang.
- By 2024/25 academic year：
- Quota for non-local students in Hong Kong public universities doubled from 20% to 40%.
- 2025：
- Interest in ‘study-abroad costs’ rose to the sixth most important factor influencing destination decisions for Chinese students (from seventh in 2021), according to EIC Education.
- May 22, 2025：
- After the U.S. Department of Homeland Security ordered foreign students at Harvard University to transfer, Hong Kong University of Science and Technology (HKUST) offered unconditional admission and streamlined procedures to these students.
- May 27, 2025：
- Hong Kong Chief Executive John Lee held a press conference stating Hong Kong would welcome international students who faced discrimination or unfair treatment in the United States.
- June 4, 2025：
- Steven Smale of INTO Education Group told Caixin that a regional diversification of overseas study destinations is visible in India, the Middle East, and Southeast Asia.
- June 6, 2025：
- HKUST said it had received dozens of inquiries from students who had planned to enroll at Harvard or were studying there, and had admitted two Harvard graduate student transfer applicants.
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