What jobs crisis? Top Chinese regulator says tech is booming

What jobs crisis? Top Chinese regulator says tech is booming

Invalid Date by CNN

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  • Now playing China showcased the e-CNY at Beijing Winter Olympic Games Open Society Foundations Now playing "China is facing an economic crisis": Soros on China and Xi Jinping Now playing Olympic sponsors caught in the middle of diplomatic boycotts against China Now playing Covid and the real estate crisis weigh on China's economy CNN Now playing Pandemic empties one of the world's busiest airports Reuters Now playing Early Olympics attendees eat noodles served from ceiling Now playing China lockdown is hitting world's biggest chipmakers Now playing Hong Kong independent news outlet closes after police raid and arrests SpaceX Now playing China slams Elon Musk and US claiming SpaceX satellites endangered Chinese CCTV Now playing Chinese 'live-streaming queen' hit with huge tax evasion penalty Now playing China's Evergrande downgraded by Fitch Now playing China's Didi is delisting from the NYSE Now playing These clips from 'The Simpsons' are missing from Disney+ in Hong Kong Now playing Jamie Dimon on China joke: 'I regret and should not have made that comment' Hong Kong CNN Business — One of the regulators behind China’s dramatic crackdown on private enterprise has tried to quell growing concerns about the impact on employment, saying the country’s biggest tech companies have added nearly 80,000 jobs since July and are “full of confidence.”
  • 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.
  • In recent weeks, international media outlets have reported that China’s tech sector is facing its worst job losses since the government launched a crackdown to rein in its most powerful companies in late 2020.
  • The once-freewheeling industry was long the main source of well-paid employment in China, but companies such as Alibaba and Tencent are now reportedly preparing to shed tens of thousands of employees to reduce operating costs.

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