China lacks the right workers to boost Xi’s favoured tech jobs

The hiring momentum has shifted to a slew of burgeoning industries favoured by Beijing, from electric vehicles to bio-pharmaceuticals and artificial intelligence, where China wants to develop its own cutting-edge technology. — AP

For a decade, China’s tech giants like Alibaba Group Holding Ltd and Tencent Holdings Ltd were a major driver of its economy, drawing the lion’s share of top talent to work in their ecosystems that controlled everything from messaging to payments.

Their boom years have come to an abrupt halt, with a regulatory crackdown, an economic slowdown and recurring Covid lockdowns now forcing them to cut thousands of jobs.