New Oriental not worried by competition

Many operators of startup online education companies once claimed that they would overthrow New Oriental, the country's largest private online educational chain. Quite a few of them were former employees of New Oriental.

Yu Minhong, chairman of New Oriental, said that instead of being overthrown, New Oriental has managed to evolve by participating in popular entrepreneurship and innovation.

"Inside a well-structured organization, the innovative capability will be limited," said Yu, 53. "There is no doubt that an innovative idea can develop better outside of an organization."