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The study examines the academic performance of public and private school students in Mainland China, Japan, South Korea, and Vietnam. These countries were selected because they share many similarities in culture and education while being in varied stages of industrialization and having different standards for public and private education. Using the PISA data of 2015, the study shows that public education plays a significant role in all countries, yet, the effectiveness of public schools in improving students’ academic performance depends on how the government regulates, provides funding, and allows autonomy in schools. Out-of-school factors, such as students’ SES and prior academic achievement, are crucial in determining the achievement gap between public and private schools.