On July 24, 2021, with a quiet document, the Chinese Government declared war on the nation’s massive private tutoring industry. The policy was called “Double Reduction.”

The market reaction was instant and brutal. Billions of dollars in value were wiped from education giants like TAL Education and New Oriental. Stocks plummeted by as much as 60% in days.

For Chinese families, this was a shock. The $100 billion industry was suddenly gone. An ecosystem built on the hopes and fears of the middle class was dismantled by decree.

But, this move did not come from nowhere. It was a response to a deep national crisis. The tutoring industry was only a symptom of a much deeper problem. At the heart of this pressure is the Gaokao, the national college entrance exam. It is a “single-plank bridge” th

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