Xiaomi, one of the world’s largest smartphone makers, has begun layoffs in China at a time when the world’s second largest economy is grappling with an enormous unemployment crisis
. The Chinese company’s decision to slash jobs comes soon after tech giants across the world, including Meta and Twitter, have laid off thousands of workers. The Beijing-based firm recently conducted a “routine personnel optimization and organizational streamlining,” a Xiaomi spokesperson told CNN. The measure affects less than 10% of its total workforce, the person added.
Job prospects for young people are especially gloomy. The jobless rate for those aged 16 to 24 reached 17.1% in November, hovering near July’s record level of 19.9%. The situation could become worse next year, as 11.6 million college graduates are expected to enter the job market — a fresh record, according to the education ministry last month.
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