China’s top private firms cut jobs, await greater support to allay anxieties

China’s leading private firms slashed their workforce last year despite a slight growth in financial performance, according to a report published by the country’s largest business association for the key group.

The 500 private enterprises, which often have stronger risk-resistance capabilities, employed 10.66 million people in 2023, the semi-official All-China Federation of Industry and Commerce said on Saturday, a reduction of 314,600 jobs compared to a year earlier.