The financial crisis has influenced the politics, economy and culture of many countries to a substantial degree. China was no exception. After thirty years of reform an opening-up to foreign trade and investment, China has become an important economy and a full partner in the process of globalization. Thus the financial crisis affected many aspects of China's economy and society, and the link between China's development and graduate education is becoming closer and closer. It is therefore important to understand the challenges that Chinese graduate education faces as well as the opportunities that might emerge.