People regarded the marketplace as a danger- not a blessing. Management was thinking local while strategic investors always think global. Local managers erroneously believed that they will be replaced by foreign ones. Actually, multinationals always prefer good local talent to expats. It seems that they don't have enough personnel to run around.
Management is only one element.
In the world, education systems get their cues from the price mechanism. Here they are entirely student-driven and not market driven. But I am not sure what model would work and whether intervention is the right modus operandi. This is a leftover from socialism. The very people who are supposed to apply the reforms often oppose them.