Part 4/11:
The Dilemma of Job Preservation vs. Economic Reform
China's leadership is caught in a dilemma: on one hand, cutting inefficiencies may lead to significant job losses; on the other, propping up ineffective companies drains local finances. The ghost of past protests, like those against the zero-Covid policy, hangs heavily over decision-making circles, emphasizing the sensitivity surrounding employment.
Interestingly, one of China's largest recruitment platforms, Job Hen, has ceased publishing wage data this year to downplay labor market stress, showcasing the cautious approach of Chinese institutions amid unsettling economic conditions.