On October 15, the Hong Kong-based South China Morning Post reported that All-China Federation of Industry and Commerce, a semi-official institution, released a report stating that China’s top 500 enterprises generally have strong risk resilience. However, by end of 2023, these companies employed 10.66 million people, cutting 314,600 jobs from the previous year.
The job cutting trended continued in this year. In May, several leading companies announced layoffs. Alibaba’s mid-May financial report revealed a reduction of over 14,000 employees. JD.com laid off 12,000 employees on May 21. Lenovo Group’s financial report indicated a reduction of 7,500 employees. Li Auto reduced its workforce by 18%, amounting to at least 5,600 employees.
Source: Sound of Hope, October 15, 2024
https://www.soundofhope.org/post/845372