Today: 7 October 2025
21 March 2022
2 mins read

Jobs market severely hit by China’s tech crackdown

The tech sector in the past decade has been one of the strongest job-creating sectors in the world’s second-largest economy….reports Asian Lite News

China’s tech crackdown has adversely affected the jobs market amid economic headwinds laden with stories about frozen headcounts and lay-offs.

China’s year-long campaign to clip the wings of the country’s Big Tech sector has taken a heavy toll and is now casting a long shadow over the employment market, reported think-tank Policy Research Group POREG.

Over the past year, China has launched a relentless crackdown on big tech firms, with a raft of new regulations aimed at curbing consumer rights abuses, monopolistic market practices, breaches of consumer data privacy, protecting minors from gaming addiction and curbing content deemed socially harmful – among other things. Most of this has been carried out under the banner of “curbing the irrational expansion of capital”.

However, it is now clear that this campaign is impacting the jobs market, reported POREG.

The tech sector in the past decade has been one of the strongest job-creating sectors in the world’s second-largest economy.

The destruction of tech-related jobs from content creation to private tutoring is translating into fears of a jobless wave, reported POREG.

Around 10 million fresh graduates will enter the job market this summer, adding to China’s growing army of young jobseekers, at a time of mounting economic headwinds amid the Ukraine crisis and another COVID-19 surge in the country.

This is threatening long-term government strategies, such as “dual circulation” – the concept of driving economic growth mainly via domestic demand to offset an uncertain and potentially hostile external environment.

The massive job cuts at Big Tech companies could bring significant economic instability, as the digital economy has taken up a greater proportion of China’s GDP in recent years, said Wang Peng, an associate professor at the Renmin University of China.

An earlier report published by Chinese recruitment site Zhaopin.com found that half of the people surveyed said their company had laid off staff in 2021 while a quarter said they were directly affected.

The country’s two most-valuable Big Tech firms, Alibaba Group Holding, which had over a quarter of a million employees, and Tencent Holdings, which had 107,000 employees, are said to be in the process of slashing thousands of jobs, reported POREG. (ANI)

ALSO READ: Will Wang Yi’s visit ease India-China tensions?

Previous Story

Saameynta to reboot Somalia

Next Story

Ex-minister urges Afghans to return home

Latest from Asia News

OCTOBER 7: Stop the Violence Now, Says Guterres

Guterres recalled that “the attackers brutally killed more than 1,250 Israelis and foreign nationals….reports Asian Lite News UN Secretary-General Antonio Guterres urged an immediate halt to the violence in Gaza, Israel, and

Hamas Heads to Egypt for Gaza Talks

The negotiation will focus on the details of enacting the first phase of the plan…reports Asian Lite News A delegation from the Palestinian group Hamas arrived in Egypt on Sunday ahead of

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

70 Killed in Gaza Strikes

Gaza City, which has been at the heart of Israel’s military campaign, saw the highest number of casualties….reports Asian Lite News At least 70 Palestinians, including seven children aged between two months

UN Reactivates Sanctions on Iran

Iran President Masoud Pezeshkian insisted last week that the country had no intention of developing nuclear weapons….reports Asian Lite News The United Nations has confirmed the reactivation of sanctions against Iran. “Pursuant
Go toTop

Don't Miss

Nepal’s unstable foreign policy

While the Oli government made a bungle, the Deuba government

SPECIAL: Tibetans Seek Help To End Chinese Occupation

Tibetan youths are not allowed to study Tibetan language and