Education is Big Business in China

Here is an amazing success story (so far).

And there is room for many more schools like the SIAS International University in Henan, China.

Nine years ago, Chen launched SIAS International University with less than $2 million, 250 students and a healthy dose of gumption. Today, the school has more than 16,000 students and nearly 50 buildings -- including a Roman amphitheater, French and Italian restaurants and an administration hall with a domed Capitol-like facade on one side and a Forbidden City tableau on the other. A swimming stadium, with an Olympic-size pool, is rising amid lotus and wheat fields.

The school's faculty of about 700 includes 119 foreign instructors, mainly from the U.S. They teach English, history and literature and help students with debate club, cheerleading and marching band -- things unheard of in this country.

"When I left, China was rationing," he said. "Now, it has an abundance of tall buildings and everything. But it doesn't matter how much China grows, it is still lacking in education."