Very common here in India too. At least when I was studying it was all about, "Get your kid to do Engineering/Medicine and then every thing will take care of itself". There is a big reason for this. Uneducated people get played for easily and there is that huge disadvantage in non-knowledge driven based jobs. Take for example the job of a cab/bus driver. Or some body like mason, the problem the money you earn is dire…
I think China has an advantage here. While most Chinese have only one (or maximum two) children to support, the average number of children is higher in India. It chinese parents can afford to spend more money per child on education and I think on the long term this will result in a higher education for the average person.
As they say, China's the first country to "get old before it got rich".