torsdag 16. desember 2021

Job prospects are looking grim in China’s once promising tech sector

College graduates have long flocked to China’s booming tech sector for its high salaries and promise of a limitless career path. But deeper than usual layoffs, in some cases spurred by regulatory crackdowns, are increasingly dimming prospects for young job seekers who already face high unemployment.

Short video app Kuaishou is said to be conducting a new round of layoffs, according to Chinese state media the, which said the cuts are part of the Hong Kong-listed company’s year-end “optimization” mainly aimed at employees who haven’t hit work targets. Overall, around 10% to 30% of the company’s employees could be let go, the report said, citing sources and social media posts from Kuaishou employees. In addition, US-listed streaming platform iQiyi, backed by Chinese search engine giant Baidu, is also reportedly laying off around 20% of its employees, according to finance outlet Caixin.