What Happened: China has announced a set of regulations that effectively ban the operation of for-profit education companies in the country. The new rules will no longer allow companies that teach school subjects to accept overseas investment, which could include capital from offshore registered entities of Chinese firms, according to a notice released by the State Council of China.
China plans to improve the quality of state-run online education services to make up for the shortfall, and will make them free of charge, the State Council said.
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