Society
Xi’s Tech Crackdown Fuels Another Crisis: Out-of-Work Youth
- Regulatory assault has forever changed the industry’s role
- Youth unemployment will worsen as external factors pile on
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When Xi Jinping tightened the screws on China’s technology industry last year, he escalated a jobs crisis for the youngest and brightest minds needed to power the nation’s economy.
Rocked by a series of punishing regulations that froze deal-making and wiped out the once-swaggering industry’s growth, sector leaders from Alibaba Group Holding Ltd. to Tencent Holdings Ltd. and Xiaomi Corp. this year began firing people by the thousands.