Weekly News Brief on China Education Industry
Updated on 03/15/2022
Here is the weekly recap of China education news. Sources are right after the texts.
Ministry of Education Notify the Investigation Progress of "Double Reduction"
The Ministry of education notified the investigation progress of "double reduction" policy. Local education administrative departments, together with other relevant departments, investigated 16,000 subject-based and 154,000 non subject-based training institutions. A total of 74,500 subject-based training materials and 307,000 non subject-based training materials were reviewed; 180,200 employees in subject-based training institutions and 588,900 employees in non subject-based training institutions were audited.
The investigation found that 0.69% of the material content was not standardized, 0.39% of the material management was not compliant, and 2.91% of the personnel did not meet the qualification. More problems was found among non subject-based training institutions.
The Formulation of the Preschool Education Law Will be Accelerated
The work report of the Standing Committee of the National People's Congress shows that in the past year, the Standing Committee of the National People's Congress has accelerated to make up for the shortcomings of the law on the protection of people's livelihood, revised the education law, formulated the family education promotion law, and reviewed the revised draft of the vocational education law to promote the modernization of education.
The report points out that according to the annual legislative work plan, 40 legal bills are scheduled to be considered in 2022, of which the formulation and promulgation of the preschool education law will be accelerated.
(Source: China Education News Network)
Tianli Education Reported a 1.33 Billion Yuan Loss in the First Eight Months of Last Year
Tianli Education uploaded its financials for the first eight months of last year. The report omitted the four months from September to December as a result of the company's decision to move the end date of its fiscal year back from Dec. 31 to Aug. 31. The company reported its revenue declined 19.1% to 350 million yuan ($56.3 million). It posted a loss of 1.33 billion yuan ($214 million) for the period, compared to a profit of 380 million yuan in 2020.
Tianli Education announced its main business was adjusted to comprehensive services related to the growth of school-age people, that include online campus mall, international education, study abroad consulting, etc. In addition, Tianli Education decided not to expand the compulsory education business, and the company was renamed Tianli International Shareholding Co., Ltd.
(Source: Sina Finance)
Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2021 Unaudited Financial Results
Gaotu Techedu announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021. According to the financial report, as of December 31, 2021, gaotu achieved revenue of RMB 1274.3 million, cash income of RMB 1006.5 million, net profit of RMB 324.4 million and net cash inflow of RMB 245.8 million in the fourth quarter.
The CFO of Gaotu said that after the business adjustment in the third quarter, the non K-12 academic subject tutoring services achieved rapid growth in the fourth quarter of 2021. The case income of adults education, vocational training and other services all achieved month on month growth increased by 72.8%.
(Source: Sina Finance)
Shanghai World Education Group Sets Up Two New Schools
On March 8, Jiading District Education Bureau cooperated with Shanghai World Foreign Language Education Group to entrust Shanghai Jiading World Foreign Language School to manage Jiading Yunxiang Primary School and Middle School affiliated to Shanghai World Foreign Language Education.
The "1 + 2" cooperation and mode is a broader and deeper promotion of Jiading District and Shanghai World Education Group on the basis of the cooperation. It is also an effective measure to promote the high-quality development of Nanxiang and Jiading education.
(Source: Wen Hui Bao)
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