College Entrance Exams have begun in China. The difficult test known as the "Gaokao" will determine the futures of millions of students. And as such, preparations have not been taken lightly.

It's 2 hours before the Gaokao officially starts, but the entrance of this Beijing middle school is already packed. The college entrance exam is so important, even the Shanghai Cooperation Organization Summit postponed their meeting for a half-hour so students would have a better chance of making it through the heavy traffic. The heads of these exam hopefuls are filled with feelings of anxiety, excitement and dreams for the future - and it shows. They are competing with 9 million other students around the country in this make-or-break exam. If they don't get a good grade, they can take it again, but they'll have to wait another full year. Despite the pressure, these students are ready to try their best.

One student said, "I have taken practice tests so many times, I am not that nervous."

Another student said, "Our teachers will be waiting for us outside the test center, so that makes me feel like they are with me to fight and win this battle. I feel confident."

There are 7 million "spots" in the country's universities and colleges this year. But intense competition in recent times is actually driving down the number of test-takers. 2 percent fewer are taking the test this time around and lower competition may be easing the pressure.

One parent said, "Personally, I feel that there is no difference between the Gaokao and other exams. This exam is just one of many important steps in their lives. Some parents hyper-emphasize this exam that puts too much pressure on a child. I put a lower emphasis on this exam, and I'm not putting too much pressure on my child."

Admission rates are up to 75 percent, 3 percent more than last year. Even so, the race for a spot in the nation's top universities is as fierce as ever -- meaning graduates from less prestigious colleges face a tough time on the job market. New statistics show the employment rate for 2012 graduates is 86 percent. That means 14 percent of students will be unemployed. But despite the brutal reality for some, many of these young ambitious faces can look forward to a bright future.