Japan recently set up a generous scholarship program for members of the Asia Pacific Economic Cooperation forum. Taiwan is increasing the number of university places for foreigners, especially overseas Chinese. As they grow prosperous, Asian countries are transforming their universities into world-class institutions, attracting students all over Asia in the process. They are succeeding, as Asiaweek's first-ever ranking of Asia's top 50 universities shows. But coming up fast are newcomers like the Hong Kong University of Science and Technology, which was founded only in 1988.
Money is a significant factor in the ranking.
But other qualities are also important. The number of applicants who were not accepted is a popular yardstick of selectivity in the U.S., but this was not considered in the survey. Asian figures are not always comparable because students in a number of places, notably Australia and Hong Kong, apply to a central government body, not to individual schools. Some of the results are as surprising to us as they must be to many of you. Three Hong Kong universities made it to the top 10.