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 guidance. And parents have to make educated guesses as to what the employment market will be like four years hence.As preferences fluctuate, so do the required admission marks for majors at targeted universities. Candidates essentially commit to a sequence of auctions based on expected odds, with their gaokao results as bids.