Chinese tech companies start massive layoffs

A new wave of job cuts has swept through China's biggest tech companies. As SCMP writes,

Regulatory pressure and COVID lockdowns have crippled their business. Discuss

It is not yet clear how many employees the companies willaffected as not everyone announces their plans publicly. However, journalists have already received a lot of evidence of layoffs in a wide range of positions. For example, Tencent Holdings, the largest gaming and media company, is laying off about 100 people from its sports channels.

Staff reductions are also taking place in variousAlibaba departments. The SCMP elaborates that in April, the unemployment rate among people aged 16 to 24 in China was 18.2%, compared to 13.9% in Europe and 8.6% in the US.