Education calling

The government's $586-billion stimulus package and record bank lending have enabled the Chinese economy to rebound strongly from the worst global recession in decades. But public concern is rising that the country's dependence on investment for economic growth may be too high to be sustained.

That is why policymakers should pay closer attention not only to the problem of over-investment in a number of industries and sectors, but also keep on their policy radar the investment deficit in a vital area: education.

China's public spending on education, according to a recent report, increased from 3.22 percent of its GDP in 2007 to 3.48 percent last year. Such an increase in government spending - as a proportion of GDP - is commendable at first glance. It shows that the government diverted more public resources to educational undertakings, which are crucial for the overall development of the people as well as the country.