In a joint commentary, SMU Associate Professor of Finance Liang Hao and SMU postgraduate student Wang Jialun discussed how the education system of China is being structured towards non-profit enterprises, and how this affects the future of investments in the country. They stated that with the existing Environmental, Social and Governance (ESG) rating system, it may be difficult to accurately evaluate the social externalities and the indirect social influence of the education and training industry. They opined that investors should rethink how ESG is being evaluated in the education industry.