Australia markets closed
  • ALL ORDS

    7,702.90
    -56.90 (-0.73%)
     
  • ASX 200

    7,403.70
    -56.50 (-0.76%)
     
  • AUD/USD

    0.7268
    -0.0027 (-0.37%)
     
  • OIL

    71.96
    -0.65 (-0.90%)
     
  • GOLD

    1,753.90
    -2.80 (-0.16%)
     
  • BTC-AUD

    65,899.66
    -1,205.34 (-1.80%)
     
  • CMC Crypto 200

    1,193.48
    -32.05 (-2.62%)
     
  • AUD/EUR

    0.6195
    +0.0002 (+0.03%)
     
  • AUD/NZD

    1.0318
    +0.0013 (+0.13%)
     
  • NZX 50

    13,234.55
    +155.04 (+1.19%)
     
  • NASDAQ

    15,333.47
    -182.44 (-1.18%)
     
  • FTSE

    6,963.64
    -63.84 (-0.91%)
     
  • Dow Jones

    34,584.88
    -166.44 (-0.48%)
     
  • DAX

    15,490.17
    -161.58 (-1.03%)
     
  • Hang Seng

    24,920.76
    +252.91 (+1.03%)
     
  • NIKKEI 225

    30,500.05
    +176.71 (+0.58%)
     

UPDATE 1-China confirms ban on for-profit tutoring in core school subjects - Xinhua

·1-min read

* Rules confirm ban reported by Reuters on Friday

* Policy intended to ease burden on students, families

* Foreign investment in the sector will be prohibited (Adds details on restrictions)

SHANGHAI, July 24 (Reuters) - China is barring tutoring for profit in core school subjects to ease financial pressures on families that have contributed to low birth rates, a report in the official Xinhua news agency said on Saturday.

The news confirmed a measure contained in a government document widely circulated on Friday and confirmed by Reuters that sent shockwaves through China's vast private education sector, hitting providers' share prices.

Foreign investment in the sector will be prohibited under the rules set out by the State Council, Xinhua said.

Curriculum-based tutoring institutions will be barred from raising money through listings or other capital-related activities, while listed companies will not be allowed to invest in such institutions, according to the rules.

The policy aims to "significantly" reduce the financial burdens faced by students and families within three years, the news agency said. (Reporting by Zoey Zhang and Engen Tham in Shanghai Editing by Alison Williams and Helen Popper)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting