I am very much a free market type person, I think anyone should be able to get any degree they want. And I think that people should understand that just any degree doesn't mean they will be employable after they graduate. But we do need folks who are passionate about lots of different things, and take those passions rigorously to the highest level.
The Chinese may find that someone who would excel in Art History and who would have, had they been allowed to, enabled others to develop deeper insights into their culture by looking at the art that their culture has created, may be really crappy business majors, or science majors. And making it harder for businesses to discern between people who wanted to be in business and those who were 'forced' into it, also harder which will make those businesses less efficient at employing folks.
I hope at that point everyone will look back and go "Gee that was a stupid idea." and we won't have to debate hypothetical 'what if' type arguments.