Core Viewpoint - The current stage of private higher education in China is marked by a shift from scale expansion to quality improvement, while debt risks accumulated over time are becoming increasingly evident [1] Group 1: Debt Risk Characteristics - The classification management reform has led to differentiated and complex debt risk characteristics for private higher education institutions, categorized into non-profit and for-profit [2] - Non-profit institutions face limited financing channels due to their "public welfare" nature, leading to a reliance on bank credit and a concentrated repayment pressure [2] - For-profit institutions exhibit financialized risk characteristics, with a tendency to use financial leverage for rapid expansion, resulting in longer and more opaque debt chains [3] Group 2: Impact on Teacher and Student Rights - Debt issues in private higher education are not merely financial risks but also social issues that directly affect the rights of teachers and students [4] - Teachers face challenges in securing their labor compensation due to judicial freezes on school accounts, leading to salary stoppages and social security disruptions [4] - Students may experience a deprivation of their right to education if schools shut down, and even if they transfer, they face challenges such as mismatched majors and credit recognition [4] Group 3: Governance Framework for Risk Prevention - A collaborative governance framework is needed, based on legal foundations, precise regulation, and core rights protection, to systematically prevent debt risks and ensure high-quality development [5] - Strengthening legal foundations involves ensuring the independence of private school assets and implementing strict regulations on financial management [6] - Precise regulation should focus on maintaining the public welfare attributes of non-profit schools and enhancing transparency in for-profit institutions [6] Group 4: Rights Protection Mechanisms - A comprehensive rights protection system should be established to safeguard the interests of teachers and students before, during, and after crises [7] - Proposals include creating a risk reserve fund for rights protection and ensuring the prioritization of labor debts during school liquidation [7] - Strengthening accountability for financial misconduct is essential to deter illegal activities and protect the integrity of the educational system [7]