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there are ways in which China’s approach to so-called “entrepreneurs” and the corporations they create beats the U.S. approach. For another example, consider education. In 2021, the Chinese Communist Party introduced an ambitious policy known as “double reduction” in which, as the New Yorker reports, “companies that taught a K-12 core curriculum were restricted from prioritizing profit, going public, or raising foreign capital.” It was an extinction-level event for private education and tutoring firms, which had previously played a major role in the Chinese educational system and encouraged fierce competition among students to sell their services. (One company’s ads reportedly read “Come, and we’ll tutor your child; don’t come, and we’ll tutor your child’s rival.”) Almost overnight, one such company “let go of sixty thousand of its staff,” while others pivoted to entirely new business models, teaching skills for hobbies and recreation like “calligraphy instead of calculus” or even moving into fashion design. As one would-be mogul ruefully posted to WeChat, “the era of private tutoring has ended” in China. Meanwhile, the other half of the “double reduction” consists of sweeping reforms to public education, most notably cutting down homework requirements that were deemed burdensome.
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