Beijing | According to a recent report by the major Swiss bank UBS, the Chinese online education market is on the upswing. While in 2017 he had still identified a market volume of 29 billion yuan (approx. 4.3 billion dollars), UBS Securities assumes that by 2025 the market volume for online education will be equivalent to 104 billion US dollars, which would result in an enormous multiplication. Liu Jiehao, analyst at Consultancy iiMedia, attributes the growth to, among other things, government support for online education, the cultural significance of education and the effects of technological progress. According to the UBS report, parents also play a decisive role in the growing online education market in China, as they have high expectations of their children’s learning efficiency and intend to study at the renowned Beijing University or Tsinghua University, for example. Accordingly, the majority of Chinese parents expect their children to continue learning after attending school, for which online education is a sensible option. Especially in larger cities like Beijing, the advantage of not having to spend time in traffic jams to get to a private instructor is particularly noticeable. Compared to other Asian countries, China is lagging behind in extra-curricular education and tutoring. In Japan and South Korea, for example, 70 percent of parents spend money on appropriate measures to support their children. In China, according to the UBS analysis, only 37 percent. Accordingly, there is a high growth potential that will unfold in the coming years.
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