China Roundup: Gov’t to set fees for after-school programs, and other news

Local government to standardize after-school tutoring fees

• After unveiling new rules aimed at overhauling the country’s edtech sector, the Chinese government said that local governments should have a say on how much after-school tutorial institutions charge.
• The National Development and Reform Commission sent out a notice directing local governments to set tutors’ rates by the end of 2021.
• The notice also imposes an advertising cap at 3% of revenue, orders the categorization of classes according to the number of students in a class, length of classes, and demands the submission of documents for government review.

Vice Premier assures support for private businesses amid state crackdown

• Amid a series of state sanctions and restrictions that have shaken tech giants and private economy players in China, the country’s Vice Premier Liu He pledged continuous support for private businesses.
• “The principles and policies for supporting the development of the private economy have not changed,” said Liu.
• China has been aggressive against big businesses as of late. Besides sanctions by the State Administration for Market Regulation, the nation’s top court has also criticized companies’ hectic “996” work culture for going against labor laws. Beijing also recently limited online gaming time for minors to three hours per week.

Beijing Stock Exchange releases new rules

• The Beijing Stock Exchange announced its first batch of rules, which cover procedures related to listing, delisting, trading, and membership management.
• Last week President Xi Jinping said that China plans to set up a new stock exchange in the capital for small and medium-sized enterprises.
• The exchange is seeking comments on these new rules from the public until September 22.