The first is that top Chinese universities are really quite wealthy, and comparable in financial muscle to some top US institutions. The largest institution, Tsinghua University, had annual expenditures of RMB 13.7 billion in 2016, which translates to about US$3.57B at purchasing power parity, making it larger in raw terms than both MIT ($3.34 billion in 2014) and Yale ($3.36 billion). The next largest institution, Peking University, had 2016 expenditures of roughly $2.45 billion, which puts it roughly in the same category as CalTech and Washington University in St. Louis. Zhejiang University and Shanghai Jiao Tong University, the two next biggest, have expenditures of $2.3 billion and $2.1 billion, respectively. Fudan, in fifth place, has expenditures equal to US$1.5 billion, which is roughly equivalent to Princeton.