Is China’s tech burgeoning?

China’s leading tech companies have added nearly 80,000 positions since July and are “full of optimism.”

One of the regulators driving China’s significant crackdown on private enterprise, has attempted to allay fears about the impact on employment.

The Cyberspace Administration of China stated on Friday that the country’s 12 internet giants hired more workers than they lost in the previous nine months.

In a rare direct reaction by a top government agency fears a jobs crisis. It noted recent “heated public debate” over claims of “mass layoffs” at major online corporations.

According to the poll, 216,800 individuals departed Alibaba, Tencent, Bytedance, JD.com, Pinduoduo, and Ant Group, between July and mid-March, while 295,900 people were employed over the same time period.

“The total employment at the companies has increased steadily,” according to CAC, with their revenues hitting skies.

International media outlets have reported in recent weeks that China’s IT sector is experiencing its greatest employment losses since the government began a campaign in late 2020 to rein in the country’s most powerful enterprises.

The once-freewheeling business was formerly China’s main source of well-paid employment, but companies like Alibaba and Tencent are reportedly planning to lay off tens of thousands of workers to save costs.

Both the organizations have declined to comment on several occasions.

Alibaba, Tencent, and Pinduoduo, three of China’s top tech companies, have all posted their slowest revenue growth on record, and their stock values have halved since the regulatory crackdown began.

As a result of recurrent Covid outbreaks and rising global food and commodity costs, the economy is under “new downward pressures,” says Premier Li Keqiang.

Accoding to him, “Some businesses have been severely impacted, and some have even stopped production or closed business. We must increase rescue efforts and provide employment guarantees in response to their difficulties.”

The Chinese government has set a 5.5 percent GDP growth target for 2022. However, the World Bank and other investment institutions have recently cautioned that China’s zero-COVID policy is wreaking havoc on the economy.