According to Chinese media, the coming winter is also a winter for the job market in mainland China. Second-tier cities and small and medium-sized enterprises are the places seeing the most cuts in new job opportunities.
Phoenix reported at the end of October that China’s Huawei issued internal documents indicating that the company would halt generic job hiring, except for talent in critical areas and special recruitment of professionals with excellent work experience. Subsequently, tech giants such as Alibaba, Baidu, Tencent, and JD.com were also rumored to have suspended or reduced recruitment of fresh graduates.
More than 8.2 million college students are graduating in China, a new historic record.
Both seasonal factors and economic factors are behind the tough job market. Sectors such as trade, furniture and home appliances, and construction engineering have fewer job openings than expected.
Small and medium-sized enterprises and private enterprises with less than 500 employees are the main entities responsible for the reduction in the number of job postings. Weaker demand, lower economic growth, and an increase in financing costs have aggravated the operational difficulties of these companies.
The profitability of large companies is also trending downward. According to the National Bureau of Statistics, the annual growth rate of total profits of large enterprises in October was only 3.6 percent; it is the fourth consecutive month of decline.
Source: Central News Agency, November 27, 2018
https://www.cna.com.tw/news/acn/201811270173.aspx