Chapter 7: Embracing the Era of Educational Finance 3.0

The past decade or so since 2005 has witnessed the rapid growth of fiscal funding for education in China, and along with it tremendous efforts from the government to develop and improve the educational finance system. This chapter provides an analysis of the development of the country’s educational finance system over time and seeks to add a layer of insight to the fundamental issues and challenges of the system in the future on the basis of a rough division of the development of China’s educational finance system since the country’s reform and opening up into three stages, namely 1978–2005, 2005–present and from the present forward.