China bars for-profit tutoring in core school subjects

FILE PHOTO: People stand outside the headquarters of the New Oriental Education & Technology Group in Beijing, China, November 25, 2016. REUTERS/Thomas Peter/File PhotoSHANGHAI: China is barring tutoring for profit in core school subjects to ease financial pressures on families that have contributed to low birth rates, news that sent shockwaves through its vast private education sector and share prices plunging.

More than 75 per cent of students aged from around 6 to 18 in China attended after-school tutoring classes in 2016, according to the most recent figures from the Chinese Society of Education, and anecdotal evidence suggests that percentage has risen.China International Capital said the rules are"tougher than market expectations, and we expect material impact on future business and capital market activities.

Curriculum-based tutoring institutions would be barred from raising money through listings or other capital-related activities, while listed companies would be banned from investing in such institutions, according to the document.China's for-profit education sector has been under scrutiny as part of Beijing's push to ease pressure on school children and reduce a cost burden on parents that has contributed to a drop in birth rates.

New Oriental's Hong Kong-traded shares slumped as much as 50.4per cent to their lowest since its listing late last year. Scholar Education Group and Koolearn Technology Holding Ltd both tumbled nearly 30per cent in Hong Kong. Shares of other US-listed Chinese education companies, including China Online Education Group, Zhangmen Education and 17 Education & Technology Group also plunged.

This is needed in Singapore too. But Singapore Govt has no balls.

ban English school?

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