Layoffs and unemployment are prevalent in China, especially in the IT industry, where the majority are young people. Layoffs have become the new norm. Alibaba, the Chinese e-commerce giant, denied rumors of laying off 25,000 employees in November 2023. However, in its financial report for the third quarter of the fiscal year 2023-2024 released on February 7, it was revealed that the company had indeed reduced its workforce by about 21,000 people by the end of last year, roughly the same as in 2022, totaling nearly 40,000 layoffs over the past 2 years. Alibaba has repeatedly denied large-scale layoff rumors, even going so far as to defend itself to the authorities, but the reality of massive layoffs cannot be concealed.
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