China jobs disaster? Prime regulator says tech is booming

China jobs crisis? Top regulator says tech is booming

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In a rare, direct response by a top government agency to fears of a jobs crisis, the Cyberspace Administration of China said Friday that the country’s 12 tech giants hired more workers than they lost in the past nine months. It cited recent “heated public discussion” about reports of “large scale layoffs” at the large internet companies.

The CAC said it had recently spoken with A-list tech companies such as Alibaba (BABA), Tencent (TCEHY), Bytedance, JD.com (JD), Pinduoduo (PDD), and Ant Group. At these companies, 216,800 people had left their jobs between July and mid-March, while 295,900 people were hired during the same period, the survey found.

“The total employment at the companies has increased steadily,” the CAC said in a statement. They had recorded strong growth in some new businesses, with their revenues “repeatedly hitting new highs,” it added.

“They are full of confidence in future development, ” the CAC said.

The CAC statement paints a more upbeat picture than recent…

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