Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要 

• It all comes to an end: TAL, New Oriental and Gaotu, among many others, will stop offering school subjects tutoring by the year-end;

• President Xi Jinping calls for developing a sound and steady China-U.S. relationship during a virtual meeting with U.S. President Joe Biden.

Here’s what you need to know about China in the past 24 hours 

中国经济要闻

The past few days have witnessed the end of an era for big private tutors. One by one, Chinese educational firms are shutting down their curriculum subjects tutoring services amid the sweeping “double reduction” crackdown. 

Yesterday, New Oriental announced it will terminate its curriculum-based tutoring services for students from kindergarten through grade nine, or known as K-9, at all learning centres across China by the end of the year. TAL Education and Gaotu, leading education firms, had also came to the same decision. The Tencent backed online tutor VIPKid has also ended it signature classes with foreign teachers for K-12 students in the Chinese mainland. 

China’s educational and tutoring companies have been seeking new business paths after the government published a document in July to ease the burden on students from homework and off-campus tutoring. New Oriental’s founder Yu Minhong announces that the company will transform to livestream selling agricultural products, as it expects that the cessation will have a substantial adverse impact on its revenue for this fiscal year. The revenues from offering K-9 Academic AST Services accounted for more than half of the company’s revenue in the past two fiscal years.

While leading companies struggled to shift to new fields, some companies had to fold their business for good. In August, Wall Street English, one of the world’s largest English tutors, filed for bankruptcy. Afterwards, Juren Education closed after 27 years of services as it ran out of money to refund fully paid customers.

“双减”之下，校外教育培训机构纷纷转型，退出义务教育阶段培训市场。

11月15日，新东方发布公告称，计划于2021年底前停止全国所有学习中心的K9（从小学到初中）学科辅导服务。上周末，好未来教育科技公司在其官方微博上宣布，将于今年12月31日前停止义务教育阶段学科类校外培训服务，转为拓展科技服务和素质教育等业务。继好未来、新东方后，高途也于周一官宣将于年底结束K9学科培训。早在上月底，青少儿英语教育品牌VIPKID在线就宣布，外教一对一直播课程正式告别中国大陆市场。

今年7月，中共中央办公厅、国务院办公厅印发《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》，对校外培训机构学科类培训的开展时间、培训内容都提出了明确要求。以新东方为例，K9学科类培训占其前两个财年总营收的一半以上，停止学科培训会重创其总营收。创始人俞敏洪透露，新东方正探索成立一个大型农业平台，通过直播带货帮助农产品销售。 

或许有余力探索新赛道的已属幸运，因为不少机构已无力支撑。拥有27年历史的老牌机构巨人教育于8月31日宣布经营困难，并称无法完成全部学员退款。在中国11个城市开设了71家学习中心的华尔街英语也在同月宣布破产。

• Chinese President Xi Jinping on Tuesday called for developing a sound and steady China-U.S. relationship during a virtual meeting with U.S. President Joe Biden. Xi pointed out that both China and the U.S. are at critical stages of development, and the "global village" of humanity faces multiple challenges. China and the U.S. should respect each other, coexist in peace, pursue win-win cooperation, and manage domestic affairs well while shouldering international responsibilities, Xi said.

  For Biden sides, he reaffirmed the U.S. government's long-standing one-China policy, and stated that the U.S. does not support "Taiwan independence.”

• 国家主席习近平16日上午在北京同美国总统拜登举行视频会晤。习近平指出，当前，中美发展都处在关键阶段，人类的“地球村”也面临诸多挑战。中美作为世界前两大经济体和联合国安理会常任理事国，应该加强沟通和合作，既办好我们各自国内的事情，又承担起应尽的国际责任，共同推进人类和平与发展的崇高事业。这是中美两国和世界各国人民的共同愿景，也是中美两国领导人的共同使命。

  拜登表示，愿明确重申，美方不寻求改变中国的体制，不寻求通过强化同盟关系反对中国，无意同中国发生冲突。美国政府致力于奉行长期一贯的一个中国政策，不支持“台独”，希望台海地区保持和平稳定。

Update on COVID-19

疫情简报

• The Chinese mainland reported 11 new local cases yesterday, most were from Northeastern Dalian city.

  全国昨日新增11例本土确诊病例（辽宁7例，黑龙江2例，北京1例，云南1例）。

• China is expected to approve the country’s first COVID-19 drug. A neutralizing monoclonal antibody combination therapy is expected to become the first in the country to get approval for market use in December. It's also likely to be the first to receive emergency use authorization in developed countries such as the US. 

  中国一款抗体组合药物最快有望于年底前获批附条件上市。研发团队已于10月9日向国家药监局滚动提交附条件上市申报材料，有望12月底前获得批准附条件上市。

Next on industry and company news

产经消息及公司新闻

• The Chinese economy maintained a steady recovery last month, with key industrial output and retail sales data growing at a faster pace, the National Bureau of Statistics said on Monday. Industrial output, a key economic indicator, rose by 3.5 percent year-on-year in October, up from 3.1 percent in September. Retail sales grew by 4.9 percent on a yearly basis last month, compared with 4.4 percent in September. The surveyed urban unemployment rate stood at 4.9 percent in October, remaining the same level as in September. 

  10月经济持续恢复：国家统计局数据显示，10月全国规模以上工业增加值同比增长3.5%，比上月加快0.4个百分点。社会消费品零售总额40454亿元，同比增长4.9%；比2019年10月份增长9.4%，两年平均增速为4.6%。全国城镇调查失业率为4.9%，与上月持平，处于较低的水平。

• China retail giant Suning.com published an announcement today refuting the rumours about its bankruptcy, saying that the company is operating normally. The company said it has filed a police report and will take legal action against the rumourmonger.

  苏宁再辟谣破产传闻：11月16日上午，苏宁易购官方微博发布辟谣声明称，“苏宁易购十二月底宣布破产”为谣言，公司经营一切正常。苏宁易购已向公安机关报案，对造谣者将依法追究法律责任。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese stocks closed lower on Tuesday with aerospace, shipbuilding and electronic devices sectors tumbling the most, while wine making, medical and healthcare sectors recorded gains. The Shanghai Composite went down 0.33 percent, and the Shenzhen Component closed 0.15 percent lower. The Hang Seng Index soared 1.27 percent due to a strong tech sector and rebounds in mainland real estate stocks. 

  周二A股股市集体收跌，沪指跌0.33%，深成指跌0.15%。盘面上，酿酒、医疗保健等板块涨幅居前，航空、船舶、电器仪表等板块跌幅居前。港股恒生指数涨1.27%，科技股强势，内房股和物管股大幅反弹。

Biz Word of the Day

财经词汇划重点

• Retail sales is the sale of consumer goods, or final goods, by businesses to end consumers, and includes in-store sales as well as online sales.

  零售指的是向最终消费者个人或社会集团出售生活消费品及相关服务，以供其最终消费之用的全部活动。

（欢迎大家提供意见和反馈，请联系主播李莹亮：liyl@21jingji.com）

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran

Producer: XIANG Xiufang

Sound Editor: ZHANG Ran, Andy YUAN

Graphic Designer: ZHENG Wenjing, LIAO Wanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

Presented by SFC

编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮

撰稿：李莹亮、张然

监制：向秀芳 

音频制作：张然、袁思杰 

设计：郑文静、廖苑妮

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