Over Half China's Leading Companies Downsized in 2023

By Yinmai O'Connor

Last year saw major layoffs and salary cuts throughout all sectors in China. Annual reports from 23 of China's biggest firms – including the top five companies in real estate, internet, automotive and financial industries, as well as three of the largest electronic car manufacturers – showed that 14 of them downsized their work forces, while others slashed salaries and cut staff related expenses.

China's largest property developer, Poly Real Estate, fired 16.3% of their employees – a whopping 11,000 jobs – in the past year. Despite subsidies provided by the government to support the market, real estate investments and sales have remained slow.