Based on data: Assessing the impact of the “double reduction” policy on the local economy

Abstract

The policy of “double reduction” has been applied by the Chinese government, and therefore, an assessment of its impact on various components of economic and social development in this and other countries is relevant. The purpose of this paper was to determine how the outflow of students abroad (due to the use of the “double reduction” policy) affects the economic development of local economies. The main methods used in the study were analysis, abstraction and forecasting. The article presents a survey of Chinese students studying abroad, which shows differences in satisfaction, cost of living and employment rates in different countries. The essence of the “double reduction” policy, which was aimed at solving various problems in the education system, was also considered. It describes the purpose of the policy and the actual impact it had on students and teachers. In addition, it was noted how the policy was related to the out-migration of students, and the negative and positive effects of the policy on the country were also discussed in detail. The correlation between these factors and the gross domestic product was also explored, highlighting the potential interaction between these indicators. In particular, it was shown that the level of satisfaction with education was diverse and did not have a significant correlation with other factors, such as unemployment and living costs. In turn, other indicators that did influence the level of study satisfaction were noted. This paper brings new knowledge to the assessment of the development of China’s economy and its education sector. It also provides a better understanding of how the trends in student out-migration affect the economic development of other countries