China’s evolving political economy, as seen through gaokao scramble

This week, the results of China’s National Higher Education Entrance Examination, or gaokao, will be released. Within days, candidates will submit their prioritised preferences for universities and majors. Families will have to make the most consequential choices with imperfect information amid uncertainty. It is a sorting mechanism. Candidates need to find the right match by choosing programmes their gaokao results can gain them entry to. Historical admission marks only serve as indicative...