A National Bureau of Economic Research working paper from UC San Diego and Stanford finds that the expansion of Chinese higher education and the outbound flow of Chinese graduates significantly fueled growth in U.S. master’s programs during the early 21st century. The authors trace how tuition paid by Chinese nationals helped expand graduate program capacity and, counterintuitively, subsidized opportunities for some American students. The study analyzed Chinese admissions records (1999–2011) and U.S. Student and Exchange Visitor Information System (SEVIS) data to map the flows. NAFSA and international‑education leaders cited the findings while policymakers debate visa limits and heightened security reviews for students from China. Implications for U.S. colleges: shifts in Chinese graduate enrollments affect program finances, cross‑subsidies, and local economies. Proposed visa restrictions could ripple through graduate enrollments, research labor markets and institutional budgets.