Just as China’s regulatory storm against big tech came abruptly and brutally, Beijing’s deepening crackdown on private education companies is plunging the entire sector into an existential crisis.China’s State Council and the Party’s central committee have jointly issued a set of rules (link in Chinese) aimed at curtailing the sprawling sector that has flourished thanks to massive funding from global investors and ever increasing spending from families fighting to help their children gain a better footing in life. After years of high growth, the size of the after-school tutoring sector has reached upwards of $100 billion, of which online tutoring services account for around $40 billion.“The
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