Prominent figure in Chinese internet sector Kai-Fu Lee pointed out the problems in China's higher education. He tweeted on Dec 10[zh], translation here:

China doesn't need so many universities. In order to meet the high expectations of parents, schools have expanded the enrollment. Many private universities have developed too fast and only for profit. The current distribution of resources results in a lack of quality teachers in second-rank universities. So of course it's hard for the graduates of underqualified schools to find jobs when they graduate. I think China needs more vocational schools, an increase in college teachers’ funding, as well as to close unqualified universities.