Students across China will soon have the opportunity to participate in premier, after-school programs that advance their 21st century skills through an agreement announced today between McGraw-Hill Education and New Oriental Education & Technology Group, two of the world’s leaders in educational services.
The planned formation of the joint venture highlights McGraw-Hill Education’s global expansion in the English-language skills development and college and career readiness services market, as well as its highly advanced digital capabilities. For New Oriental, the joint venture extends the company’s market leading position in language and core curriculum skills targeting the K-College afterschool tutoring market in China. In addition to being an equity owner in the MaxEn Centers, McGraw-Hill is providing its deep educational expertise, which includes curriculum development and instructional design, to co-develop the courses.
The market for education services in China, estimated at $286 billion in 2010, is expanding rapidly. In addition to government spending, private spending on education has increased dramatically, with education now representing the second-largest urban household spending category in China.
New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental trades on the New York Stock Exchange under the symbol ”EDU.” For more information about New Oriental click on the link.