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SOURCE / ECONOMY
Shares sink, layoffs loom amid tightening regulation
By GT staff reporters Published: May 31, 2021 07:23 PM
A student in Beijing Jinyuan School puts his mobile phone into the safe deposit box installed in the classroom on March 1, the first day of the new semester.Photo: Li Hao/GT
Some of China s K-12 online education providers have stopped hiring and some have even been reportedly cutting staff, as tightened regulation puts the brakes on the country s burgeoning and lucrative private tutoring market valued at over $75 billion.
Tightening regulatory scrutiny of online education platforms is part of China s national push to tackle what have been described as chaotic market operations as well as to ease burden on students. While causing immediate effects on the industry, the efforts will ensure long-term healthy development, analysts said.