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English Translation

lit.: to hope one's son becomes a dragon
fig.: to long for one's children to succeed in life, to have great hopes for one's offspring

Breaking it down

1. 望: to hope
2. 子: children
3. 成: to become
4. 龙: dragon

Source: Google Image Search

Usage

家长要有望子成龙的愿望，更要有培养和教育孩子成材的行动。