Fintech, Edtech and China

The Gold Standard

Over the weekend, China announced that it would crack down on companies offering private tuition services for fees. They cannot teach foreign courses, hire foreign tutors and also not offer their services for a fee. It has to be a not-for-profit activity. The government would offer such tuition itself. Ostensibly, the government was concerned about the rising cost and the impact on household budgets. I had blogged on it briefly here.

In the meantime, a blog post by Noah Smith, an economics teacher and a (former?) columnist for Bloomberg wrote that China’s crackdown on consumer-internet companies was to ensure that China’s financial and intellectual resources were not diverted for creating low value addition. It did not strike him that such an explanation – if it were true – did not do any credit to China. It reeks of central planning and omniscience. Two, even if it were true and…

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