With the reform movement in 1978, the Chinese government began to make great efforts to develop its country’s education. Xi Jinping’s administration has continued these efforts, attempting to achieve a world-class education system by 2020. This paper will examine the accomplishments of the Chinese education system in the post-Mao era, and discuss the gap between the current status of Chinese education and the requirements of a world-class education, ultimately arguing that there is still a big gap between a Chinese education and the most advantaged education systems in the world. To establish a globalized educational system, build world-class universities, and train internationally recognized Chinese scholars, this paper suggests that it is necessary for China to scrutinize and reshape its educational philosophy, since a philosophy of education is the guiding principle for any country to achieve the goal of providing its citizens with a world-class education.