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Regulators are well aware of the results: "As of the close of the market on July 27, a number of U.S.-listed Chinese concept stocks have fallen by more than 90%, and 11 companies have fallen by about 80%, with education stocks accounting for the vast majority." 3/12
But are fine with it: "The policy has done more than just impact stock prices in the off-campus training industry, it has also conveyed that the purpose is "de-industrialization" of the education industry. The industry will likely face a new situation going fwd." 4/12
Here's the reasoning: "In recent years, [platforms have] chased money, trafficked in [parental] anxiety, and advertised excessively, disrupting the normal order of on-campus schools. They have become another education system outside the national education system." 5/12
In other words, the thinking is that parents are under too much pressure to send kids to tutoring just to keep up with basic course load: "Many parents are trapped ... thinking that if they don't send their kids to off-campus classes, they will lag behind other students." 6/12
"There is a craze for off-campus tutoring in China, which is a manifestation of 'group education anxiety.' To control the craze, it is necessary to eliminate parents’ educational anxiety." 7/12
This is part of a bigger problem: School have been criticized over the past few years for not doing their jobs, and shunting the burden of teaching off onto off-campus institutions and parents themselves - including asking parents to correct homework and oversee lessons. 8/12
The macro picture: China's population is aging rapidly. When China announced it wanted people to have more kids, society responded: "How are we supposed to have do that when the burden of educating children is so high?" This is part of a mitigation effort. 9/12
There's still room for off-campus ed: Policymakers want the industry to move towards enrichment activities. The article praises companies which have launched programs in specific extracurriculars such as sports, music, dance, art, and STEM. Adult education also OK. 10/12
While the tutoring craze is indeed out of control, and both kids and parents are under pressure, the key problem is that China's education system is incredibly competitive, and this policy doesn't solve the problem - parents will still seek to give their kids a leg up... 11/12
...which policymakers are also aware of: "Figuring out how to balance the relationship between in-school education and off-campus tutoring will require a joint effort by the whole of society to solve the problem. We still have a long way to go." 12/12
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