Business this week

The Chinese government widened its crackdown on businesses that don’t toe the Communist Party’s line, targeting private tutoring, an industry worth $100bn in revenue, which it decreed can now only operate without profit. Foreign investment will be restricted, no new licences issued, and curbs on teaching hours introduced. The constraints are harsher in tone than those imposed on the tech industry, but Chinese tech stocks swooned as investors wondered whether a broader clampdown was on the cards.