The news is good for China and the US but the news is mixed for the UK. Whilst clearly overachieving relative to size and percentage of GDP it is still not good enough.
Overseas students studying in the UK bring is large revenues. It is important that they receive a top quality education and further falls relative to the rest of Europe, Canada and Australia is not acceptable.
The subject specific rankings are not yet out for economics. I will post these at the time but my advice for Chinese students remains - only apply for a UK university that is in the top 100 or 200 in this ranking.
Anything else should be considered a waste of money.