Analysis: China’s Employment Offers Clues to Diverging Outlook

Listed companies whose fortunes are tied to domestic demand are slashing staff, while export industries are on a hiring spree

Last year, the over 6,000 Chinese mainland companies listed on the mainland or in Hong Kong had more than 38 million employees, representing nearly 10% of the country’s 470 million urban employees. To some extent, the companies’ employment can be seen as a microcosm of China’s job market.

Judging by the companies’ data from 2019 to 2023, my conclusion is that the employment situation among industries primarily driven by external demand outperformed that of their counterparts that rely on internal demand.