Li had been given a mark of 37 percent in his dissertation, short of the 40 percent pass mark. Professor Andrew Graves, head of the university's School of Management, told Li he could resubmit the 12,000-word essay, appeal against the mark or accept it and withdraw from the course.
But Li told the professor "I am a businessman", before placing 5,000 pounds in cash on the table in front of him.
"You can keep the money if you give me a pass mark and I won't bother you again," Li said.
Graves asked Li to leave but as he put the money away, a replica handgun — loaded with six pellets — fell from his pocket to the floor, the court heard.
As the Guardian reported, Li sobbed in court as the sentence was handed down while his parents, wife and parents-in-law sat in the public gallery.
He plans to return to China with his wife, also a University of Bath student, after his release.
Gilbert Ye, an economics student at the University of Bath, told China Daily that he was upset to read the news online, as the case had a negative impact on the reputation and the teaching quality of the university.
"It's unfair to other students if anyone with money could get a degree without making an effort," he said.
Joe He, 31, a media management student at the University of Middlesex, said she has been personally affected by the scandal.
"The cheating scandal harms the image of the Chinese overseas students. There might be more people questioning our academic ability," he said.
Figures from the Higher Education Statistics Agency show that currently China is the biggest provider of overseas students to the UK with more than 78,000 students.
Susanna Ma contributed to this story.