Major Taiwanese news network Liberty Times Network (LTN) recently reported that the Chinese job market faces a very disappointing atmosphere. The national entry exam for government positions is posting only half the number of government jobs compared to last year’s number. Financial organizations and brokerage companies are enacting a hiring freeze across-the-board. The massive Chinese real estate sector is hiring nearly zero new staff. For example, the nation’s largest builder Wan Ke is hiring only 10 people in Beijing. The rapidly growing technology sector is also significantly reducing new hires. Some companies are even reducing the size of their current workforce. Well-known high-tech companies such as Alibaba, Tencent, and Huawei are all reducing their positions for new college graduates. Tencent, NetEase, and Didi Carsharing (funded by Apple) are all laying off current staff. The entire Chinese job market is apparently declining.
Source: LTN, October 24, 2018