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’
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
