Home » The suppressed boss of China’s education and training industry calls on the authorities to respect common sense | Yu Minhong | New Oriental | Yabuli Enterprise Forum

The suppressed boss of China’s education and training industry calls on the authorities to respect common sense | Yu Minhong | New Oriental | Yabuli Enterprise Forum

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The suppressed boss of China’s education and training industry calls on the authorities to respect common sense | Yu Minhong | New Oriental | Yabuli Enterprise Forum

China’s Economy in Decline: New Oriental Founder Calls for Government to Respect Market Laws

In a comprehensive report by Epoch Times reporter Ning Haizhong on February 24, 2024, it was revealed that China’s economy is in decline, with private enterprises facing challenges amidst a trend of “state advancement and private sector retreat.” Yu Minhong, the founder of New Oriental, a prominent player in China’s education and training industry, recently made a plea to the authorities to “respect the laws of the market” and improve relations with the business community.

According to Sina Finance, Yu Minhong, who is also the chairman of New Oriental Education Technology Group, voiced his concerns at the Yabuli Enterprise Forum held in Heilongjiang on the 21st. The forum, often referred to as China’s Davos, saw Yu Minhong as the rotating chairman.

The Beijing authorities have been cracking down on the education and training industry since 2021, forcing private companies to transform into non-profit institutions and restricting funding. This has led to significant losses for the New Oriental Education Technology Group, with Yu Minhong revealing a 90% drop in market value and an 80% decline in operating income.

Yu Minhong stressed the importance of respecting the laws of the market economy and implementing policies based on common sense during his speech at the forum. He highlighted the need for genuine cooperation between the government and businesses for mutual development instead of imposing restrictions.

Despite the challenges faced by private enterprises, Yu Minhong expressed optimism about the changing mindset of the leaders in Heilongjiang Province. However, his wealth has shrunk from US$4.4 billion to US$2.5 billion due to the government’s crackdown, forcing him to resort to selling agricultural products through live broadcasts.

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The uncertain business environment in China has led to a decline in market confidence, with many high-net-worth individuals considering emigration. Reports suggest that China will see a significant number of wealthy individuals immigrating overseas in 2023, with a rise in illegal Chinese immigrants entering countries like the United States.

Gao Weibang, chairman of the Taiwan Association of Victims of Investment in China, expressed concerns about the lack of rule of law in China, leading to uncertainty for entrepreneurs. The situation highlights the challenges faced by private enterprises in China as they navigate the changing economic landscape.

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