The case is similar in Spain; our universities are barely in the global top 200. The system used is: accept too many students in university to weed out those who can't memorise all the irrelevant material we teach them.
Spain ends up with people who regurgitate facts, but can't think.
Certainly in a very technical engineering school. But you can't honestly compare GCSEs to ESO or A-levels to selectividad: reasoning is far less important that just repeating facts (this was especially obvious to me with history, for example).
For the UK/US-equivalent Secondary, in Spain I did BUP (Secondary) and COU (College orientation course), and not ESO (new Secondary Education arrangement). Younger people at work seem to be OK in reasoning (computer/software engineering field).
However, I do not endorse current "ESO+Bachillerato", as in my opinion it is easier than previous "BUP+COU". From my point of view, Goverment of Spain should copy the Finnish or German secondary education system, as it's been proved to be better.
Spain ends up with people who regurgitate facts, but can't think.