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Meanwhile, local ride-sharing giant Didi Chuxing, backed by Japan’s SoftBank Group Corp, has cut the subsidies it pays to drivers after being forced to shutter its car-pooling services under a plan agreed with regulators following criticism over the murders of two young female passengers in separate incidents. “(In 2015) I bought my first vehicle because you could earn almost 800 yuan a day with the subsidies,” says Huang Sun, who used to drive full-time for the company but now says he only takes rides when he is bored. “Now maybe you can’t even earn 200 yuan if you drive all day.”.
The chill across the tech industry is reflected in hiring data, According to statistics released by leading local job website Zhaopin.com, job demand in the IT and internet sector has dropped by 51 percent as of September compared with a year earlier, Companies have slowed hiring in certain fields, including sales and software development, recruiters and human resources staff at Alibaba and Tencent said, asking not to be named because they were not authorized to speak to eggplant swarovski pearl formal set cufflinks press, Tencent did not respond to a request for comment, Alibaba had no immediate comment..
“In general, they are all reducing headcount, or they’re not preparing a very big budget for headhunting,” said Mocca Wang, who is the director of the IT industry unit at international recruitment firm Spring Professional, which works with companies like Alibaba, Tencent and Baidu. Smaller start-ups, a key driver of growth in the sector, are also being squeezed by tighter access to credit. “These companies can’t get capital and can’t invest,” said Wang. “They’re going bankrupt.”.
China’s tech firms are, to be sure, still posting sales growth rates above overseas peers, Tencent chief Pony Ma eggplant swarovski pearl formal set cufflinks told state television in a recent interview that there was still “tremendous potential” in the market, though admitted “there are challenges of various kinds right now”, But the numbers suggest tougher times lie ahead - a worry for China’s steeply-valued private tech start-ups and newly-listed firms such as smartphone maker Xiaomi Corp and Tencent-backed food deliver giant Meituan Dianping..
“Before the feeling was that anyone can get funding, that if you throw out words like blockchain, AI, big data and machine learning that would get you funding,” said Benjamin Speyer, managing director at Hangzhou-based consultancy Serica. “Now everyone is a bit more nervous about potentially making a mistake with their money.”. Alibaba, whose China commerce sales growth dropped to its lowest rate since 2015 in the last quarter, said it would take less income from its platforms for the near future, effectively subsidizing merchants, in an effort to retain brands on its platform.
Competitor JD.com Inc, which posted a loss last quarter, is seeking to revive profits by outsourcing some of its 2.5 million square meters of warehouse space, The country’s upstart technology workforce are even more keenly aware of the slowdown, Even as property and living costs continue to rise eggplant swarovski pearl formal set cufflinks sharply in major cities such as Beijing and Shanghai, tech workers say salaries can’t keep up, Beijing-based Liu Wangwei works as a software engineer at one of the country’s highest-valued start-ups and rents a two-bedroom apartment because his partially-disabled mother often stays with him..
He said his rent has risen by almost 50 percent since they moved to the area in 2014 and says he is considering moving to another of the company’s offices in a smaller city where the government subsidizes housing for technology workers. “I always thought I could join the well-known tech companies and never worry about money,” said Liu. “When I was in university our teachers gave us encouragement to be like (Steve) Jobs and Jack Ma. It’s not the same as we were promised.”.
SYDNEY (Reuters) - Asian shares pared losses on Tuesday as hopes for a de-escalation in the Sino-U.S, tariff war rose on a eggplant swarovski pearl formal set cufflinks report that China’s top trade negotiator was preparing to visit the United States ahead of a meeting between the two countries’ leaders, Spreadbetters pointed to a positive start for Europe and U.S, with E-minis for the S&P 500 and the Dow up 0.5 percent each, FTSE futures were up 0.2 percent, The South China Morning Post reported, citing sources from both sides, that China’s top trade negotiator Liu He may visit Washington to prepare for the talks between U.S, President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Argentina later this month..