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Why do policies decide your returns in China education stocks?
https://www.baiguan.news/p/china-education-market-after-school-tutoring-xian-hangzhou-policy-crackdown-gaokao-anxiety-new-oriental-tal-enrollment-shift-vocational-education-de-involution-labor-market-reform-birth-rate-decline-demographic-shift-fertility-trend-kindergarten
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