BUSINESS Financial sector allowed develop financial products for private schools

BUSINESS

Financial sector allowed develop financial products for private schools

Xinhua

15:31, August 20, 2018

China plans to permit financial institutions to develop financial products suitable for private schools, as a move to advance non-government funded education.

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Photo: Xinhua

Private schools can apply for financing from financial institutions using future operating income and intellectual property rights as a guarantee, according to a draft amendment to the regulation regarding non-government funded education. The regulation has been published by the Ministry of Justice for the public to provide opinions until Sept. 10.

Foundations and other corporate organizations of profit-led private schools can apply for financing using their own assets or services provided for schools as a guarantee, said the draft.

Profit-led private schools can be established with funds raised through issuing shares and bonds and setting up public welfare funds, according to the Ministry of Education.

The draft also stipulated that private schools can enjoy preferential policies on tax, public service prices, use of land and social security funds for teachers.

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