Xinchao Media, a large advertising firm, laid off 500 people across 80 cities on Monday, which accounted for around 10 per cent of its total workforce. Photo: Weibo

Coronavirus: China’s fear of mass job losses looms large as Covid-19 takes toll on economy

  • With the outbreak wreaking havoc on economic activities, firms are faced with tough decision whether to reduce staff levels and wages to be able to survive
  • President Xi Jinping said this week that local governments must work hard to ‘ensure the general stability of the job market’
Topic |   Coronavirus outbreak

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Xinchao Media, a large advertising firm, laid off 500 people across 80 cities on Monday, which accounted for around 10 per cent of its total workforce. Photo: Weibo
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Sidney Leng

Sidney Leng

Sidney Leng joined the Post in 2015 after spending a year and a half working for US media, including National Public Radio and Foreign Policy Magazine. He has been covering China's macroeconomic policies and financial regulations since 2016.