China’s middle class worries about the future under Xi Jinping’s ‘common prosperity’ initiative

Feb 23, 2022 | INVESTING

Six months after losing his job at an online education firm amid an industry-wide crackdown, Michael Zhao now makes a living linking mainland students with foreign English tutors – albeit on the sly.China banned classes with overseas tutors last summer and ordered private education companies to switch to non-profit status, part of an overhaul in the sector aimed at reining in runaway investment, easing students’ workloads and reducing financial pressure on families.The clampdown on the private…

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