Internet companies are hiring more workers despite reports of large-scale job cuts by some of the industry’s biggest players, according to China’s cyber watchdog. The reports raised concerns that one of China’s most important job-creation engines was running out of gas after years of rapid acceleration.
From July 2021 to mid-March, a dozen internet companies including Tencent, Alibaba Group Holding Ltd., ByteDance, Meituan and JD.com Inc. cut 216,800 workers while hiring 295,900 for a net increase of 79,100 positions, the Cyberspace Administration of China said Friday.
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