China's tech layoffs could become a self-inflicted headache for Xi
CNN
China's huge tech sector may be staring at its worst jobs crisis ever.
The once-freewheeling industry was long the main source of well-paid employment in China, but major companies are now reportedly downsizing at a scale not seen before as President Xi Jinping's government continues its crackdown on private enterprise.
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 to become 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.
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