China will ban tutoring for profit in core school subjects, according to a document published on July 24 by the General Office of the Central Committee of the Communist Party and the General Office of the State Council.
All institutions offering tutoring on the school curriculum will be registered as non-profit organisations, and no new licences will be granted. Foreign investment in the sector, including through so-called variable interest entities, is being prohibited and companies with existing foreign ownership will need to rectify the situation.
Separately, China's central bank on July 23 said non-bank payment companies must report plans for overseas initial public offerings and other major events. The new requirement applies to payment firms with a VIE structure, which has been widely adopted by internet companies and allows them to bypass the lengthy domestic listing process and raise funds overseas.
Payment firms should also explain the “detailed arrangement” of their VIE structures if seeking an overseas listing, the People’s Bank of China said.A teacher conducts a class at the Oxford International College in Changzhou, Jiangsu province January 10, 2013.
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