Top Chinese education company laid off 60,000 people after Beijing's crackdown last year
CNN
China's largest private education provider laid off 60,000 employees last year as it grappled with fallout from Beijing's sweeping overhaul of the industry.
Yu Minhong — the billionaire founder of New Oriental Education — confirmed the massive shakeup in a post on his WeChat account over the weekend, adding the company encountered "too many changes in 2021." He blamed the layoffs on "policies, the pandemic and international relations."
Yu's post lays out starkly the consequences for private enterprise in China as Beijing took major steps to curb what it saw as unruly business practices.
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