China’s once-resilient tech economy starting to crack under pressure from coronavirus economic carnage

In the first quarter of 2020, the number of Chinese recruitment postings across all industries fell 22.6% compared with the same period last year. A survey found that 5.4% of tech firms experienced job cuts while 12.9% have reduced contractors, interns and part-time employees. — SCMP

While the coronavirus pandemic has boosted certain sectors of China’s digital economy, many Internet-related businesses that intersect with the offline world have been hit hard and are cutting costs through lay-offs, salary reductions and hiring freezes.

China’s version of Airbnb, online lodging sharing and booking site Tujia, was optimistic about its prospects for 2020 before the outbreak of the coronavirus, according to a former employee who spoke to the Post on the condition of anonymity.