In China, tech sector downturn imperils white-collar jobs

In China, tech sector downturn imperils white-collar jobs

The Chinese internet and tech sector has seen major companies pump the brakes on their headcount in recent weeks. NetEase, Meituan Dianping and Qunar laid off in December, while Alibaba (NYSE: BABA) disclosed that it would be postponing hiring. Valuations for start-ups are cooling, market conditions are tightening for private enterprises and the pool of venture capital funding is shrinking, according to a report today…

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