One negative consequence is the persistent deepening of income inequality. The Gini coefficient of per capita income has surpassed 50 (with 100 representing maximal inequality), putting China in the upper quartile of inequality worldwide.

Over the last ten years, the combination of higher tuition fees, more student enrollment, and greater reliance on loans has caused the stock of outstanding student debt nearly to triple. It now stands at well over 1.2 trillion, more than 60 of which is held by the bottom quartile of households (those with a net worth of less than 8,500).