Do not look to Europe over the last 14 years the educational sytem has started charging more and more for undergraduate studies.
The research funding bodies have been cutting down progresively their funds and certain fields like the humanities are completely devoid of funnding or brainpower after the Bologna agreements passed making only technical studies interesting.
PhDs are extremely lucky if they get a first post-doc, that is you just showed you can do research and no one hires you to do it.
China on the other side has already reached the level of investment of the EU.
More and more conferences and events are now organised in China, if I were a student now it is mandarin I would be focusing on as a way of landing a research job.
Hell its on my todo list already and I am only one year away from finishing my PhD in computer science in The Netherlands. One of the few EU countries with Germany that takes reseayarch seriously, yet cuts are also being felt here.