This paper analyzes a higher education policy issued in China in 2002: "the Quality Assessment of Undergraduate Education Policy." It examines students' perceptions of the policy impacts and students' roles in the evaluation process by semi-structured interviews and questionnaire surveys. It reveals that the quality assessment in China has facilitated the improvement of teaching infrastructure and led to the intensification of school discipline in evaluated higher education institutions significantly. However, its impacts on teaching/learning are not noticeable. As an information publisher, quality assessment seems not very influential for students. Moreover, students do not think their voices have been demonstrated in the current quality assessment sufficiently, and expect their roles to be enhanced. Based on students' perceptions of the policy impacts, this study ends up with an examination of the problems with quality assessment approaches and related suggestions to improve them.