Policy research group poreg - Latest News Update, Information, Photos & Videos on Policy research group poreg at Lokmat Times

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.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Mega Block

Maharashtra Lok Sabha Election

T20 World Cup 2024

Policy Research Group PoregFOLLOW

Policy research group poreg, Latest News

International :Imran Khan rattles already fragile democracy of Pakistan

Prime Minister Imran Khan has done significant damage to the already fragile democracy in Pakistan by overturning the constitution for his petty selfish political ambitions. ...

International :Ukraine conflict can impact Sino-Russian defence ties: Report

Taking advantage of the distressed situation of its military friend, Russia in the ongoing Ukraine war, the possibility of China speeding up the modernization of its military and its nuclear arsenal is real. ...

International :China's tech crackdown wreaks havoc in jobs market

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