The casualties of China’s education crackdown

Once the darlings of Wall Street and venture capital as recently as the beginning of this year, China’s edtech firms are now wondering if they will be able to remain solvent long enough to see the beginning of the next. In a series of sweeping regulations, the central government has taken a wrecking ball to an education and test-prep industry worth billions, the collective value of both the schedules and wallets of the country’s urban, middle-class families. The most impactful policies were introduced in July, and they include a ban on any for-profit tutoring services focused on the country’s core public school curriculum, oriented around the make-or-break high school and university entrance exams.

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