The internet boom in foreigners teaching China’s children online
Firms providing overseas internet tutors could share US$165-billion market in five years, says one research report, as parents look to give their children a head start
Hardly anyone bothered to learn English when Wu Wenhua was growing up in 1980s China. But now that she has an 11-year-old son, Wu believes knowing the language is key to opening doors.
So Wu, 38, signed Ryan up for an online service called VIPKid, that connects Chinese children with US teachers for one-on-one classes . With Ryan now top of his class at school, Wu is satisfied – or at least as much as a determined Beijing mother can be. “He recently got 99 out of 100,” she said, grimacing slightly. “He does pretty well.”
Parents like Wu are fuelling an education boom in China that is having global repercussions.
Millions of children are pouring into classes for English, maths and the sciences to gain the skills they need in a knowledge economy. Chinese parents have always prioritised academic achievement, now they have the means to invest in extracurricular education, propelling a domestic market that the banking group UBS says will double to US$165 billion within five years.
Leading players such as New Oriental Education & Technology Group and TAL Education Group have gone public in the US and seen their shares soar.
Now, online start-ups are gaining ground with parents who grew up in the internet era and see advantages in digital learning. Beijing-based VIPKid has expanded to 200,000 students and just raised venture money at a valuation of more than US$1.5 billion.