Update: January 11, 2022, 1:12 AM STI
Beijing [China], Jan. 11 (ANI): Beijing’s tighter control over Chinese tech companies results in job cuts for companies putting its economy at risk.
The ranks of unemployed tech workers are swelling as China’s once vibrant internet industry is hit by harsh and capricious regulatory crackdown. Under the leadership of China’s top leader, Xi Jinping, the government’s unbridled hand is intruding in large and modest ways, leaving companies to question their strategies and pray that they do not become the next targets of the crackdown, according to Japan Times.
In addition, China’s once vibrant internet industry is facing regulatory crackdown under President Xi Jinping’s leadership.
Meanwhile, the crackdown on tech companies has a chilling effect on the job market, as many young Chinese people turn to the public sector for more stable positions, even if they pay less.
There will be 10 million university graduates in China in 2022, according to the Chinese Ministry of Education. About 4.5 million people have enrolled in higher schools, up 800,000 from 2021. More than 2 million people have registered for civil servant exams, up 500,000, according to media reports. of Chinese state.
On the other hand, in mid-December, the country’s internet regulator said it had ordered platforms to shut down more than 20,000 accounts of major influencers in 2021, including people who spoke badly of the nation’s martyrs. , artists involved in scandals and big live streaming stars, according to the Japan Times.
Earlier, China started cracking down on tech companies as part of the policy of regulating the market despite the downturn.
In addition, in August last year, as part of its centenary observation, the Communist Party released a five-year plan to change China’s tech industry, and the changes will continue this year.
In addition, the Chinese crackdown has dampened the entrepreneurial spirit of the Beijing tech company that built its formidable tech sector dating back to the early 1990s. (ANI)