One of China’s biggest tutoring firms has said it shed tens of thousands of staff last year, revealing the extent of damage to the multibillion-dollar sector as Beijing cracks down on private education.
China imposed new rules on tutoring companies in 2021 to force them to go non-profit as part of a series of moves designed to reduce pressure on schoolchildren in the country’s cut-throat education system.
The founder and chairman of New Oriental Education & Technology said in a social media post at the weekend that the firm had dismissed 60,000 staff as revenue plunged 80%.
The Hong Kong-listed company lost 90% of its market value through the year, he added.
“In 2021, New Oriental encountered too many changes, with much of our business in a state of uncertainty due to policies, the pandemic, international relations and other reasons,” wrote Yu Minhong on his WeChat account.
The cost of education has been cited by many young Chinese as a reason they are unwilling to have more children, even after China formally allowed all couples to have three children last year in a bid to stave off an ageing population.
Source: eNCA
In other news – I’m grateful for life – Rethabile Khumalo
Rethabile Khumalo has taken to her social media to say that she is thankful to God.
The year 2022 just kicked off and many of the celebrities have taken the opportunity to reflect on some of the past experiences they had in 2021. Rethabile on the other hand shared a video of herself praising God in a car. Learn more
