The layoffs come as the world's second largest economy is already struggling with rising Covid-19 cases, a slump in the housing market and geopolitical tensions. They threaten tobecome a serious headache for the government, which wants to prioritize economic and social stability this year— with Xi expected to assume an almost unprecedented third term.
The Chinese government says the country's overall unemployment rate remains stable, fluctuating between 5% and 5.5% in recent months. And there are no official figures on tech-related job losses so far this year.
Private surveys suggest, however, that jobs are being lost across the economy, and in tech in particular.
According to Lagou, one of China's largest tech recruitment websites, 2.76 million tech employees marked their status on the platform as "left the job" in March — 260,000 more than in December and about 60,000 more than the same month last year. Most of the job losses were concentrated in major cities such as Beijing, Shenzhen, Guangzhou, and Shanghai, Lagou added.
