"Regulations on the Implementation of the Law on the Promotion of Private Education in People's Republic of China (PRC)" Article 44 Non-profit private schools shall collect fees and carry out activities by using accounts filed with relevant competent departments. The relevant competent departments shall supervise the accounts.
The income of for-profit private schools should be fully included in the bank settlement account opened by the school, and the distribution of school balance should be carried out after the annual financial settlement.
Forty-fifth private schools that implement compulsory education shall not trade with interested parties. Other private schools should follow the principles of openness, fairness and justice when dealing with interested parties, set reasonable prices and standardize decision-making, and shall not harm the interests of the state, schools, teachers and students.
Private schools should establish a related party transaction information disclosure system. Education, human resources and social security, finance and other relevant departments should strengthen the supervision of non-profit private schools that have signed agreements with interested parties and review related transactions every year.
The interested parties mentioned in the preceding paragraph refer to the promoters, actual controllers, principals, directors, supervisors and financial officers of private schools, as well as organizations or individuals that have mutual control and influence with the above-mentioned organizations or individuals, which may lead to the transfer of interests of private schools.