For China's budding entrepreneurs, an MBA, or Masters in Business Administration, is one way to get ahead and make valuable connections. This year, China celebrates 20 years since the establishment of the MBA program. Now, two decades later, applications are booming and more and more private businesses are taking off. But, as CCTV reporter Zou Yun finds out, there's still a long way to go to compete with the likes of Harvard and Wharton.

In 1991, China's Ministry of Education approved nine universities, including Tsinghua, to pilot MBA education programs. At the time, most Chinese didn't know much about it. Now, 20 years later, MBAs are among the most popular degrees for Chinese students with ambitions to achieve greater success in business and finance.

Professor Qian Yingyi is Dean of the School of Economics and Management at Tsinghua University. He says that even with such rapid development, there is still potential for MBA education in China to improve.

Compared to the US with its prestigious MBA programs from the likes of Harvard and Wharton, China's universities still have a long way to go. Chinese professors say that improvements are needed in admissions policy and the overall design of their programs. They say that curriculums should be less academic-oriented and make greater use of experiential learning.

Experts suggest that more student exchanges between eastern and western institutions would benefit both.