Xi’s tech crackdown fuels another crisis: Out-of-work youth

People attending a job fair in Beijing. China’s slowing economy has left millions of young people fiercely competing for an ever-slimming raft of jobs and facing an increasingly uncertain future. — AFP

When Xi Jinping tightened the screws on China’s technology industry last year, he escalated a jobs crisis for the youngest and brightest minds needed to power the nation’s economy.

Rocked by a series of punishing regulations that froze deal-making and wiped out the once-swaggering industry’s growth, sector leaders from Alibaba Group Holding Ltd to Tencent Holdings Ltd and Xiaomi Corp this year began firing people by the thousands.