AI hits on and already a weak job market

This report is given using the CNBC China Connection newsletter that gives you an understanding and analysis of what drives the second -largest economy in the world. Every week we study the biggest business stories in China, give up the market steps and help you set up a week ahead. How is what you see? You can subscribe Here.

China’s desire to accept artificial intelligence comes in the way economic growth slows down, taking the risk of millions of ordinary jobs.

“I plan to get rid of 360 (security technology). Thus, the company can save tens of millions a year,” said founder and chairman Zhou Hongi in Chinese Video on Friday nightTranslated CNBC. Since then, the popular Chinese Platform Weibo has been viewed more than 191,000 times.

Zhou, who has nearly 12 million followers on Weibo, said he was trying to use the new AI company tool to prepare a press conference for this product in five days. The AI ​​Plus Agent Search Tool must release on Wednesday.

Regardless of whether this is just the next Zhou playground, nicknamed the “Red Shirt” of the Big Uncle Zhou Honggi, the video records the reality: the pressure reduction companies can increasingly replace jobs in the II.

Anxious signs increase. Last week’s American Financial Giant Citi said it Reducing 3500 technological jobs in China By October. On the basis of the US Anthrop Last month, CEO Dario Amadeus told Axios what this AI can lead to unemployment rate 10-20% For the next -five years.

In China more and more companies Discussion of the efficiency of AI-controlledEspecially in marketing and coding. The Meituan Food Delivery Giant told investors at the end of May that about 52% of the new code was created by AI, which compared to 27% in March.

Great Chinese technology companies are defiantly asking for new young recruits to have AI skills, Schybing, a partner and director of the Hanghang AI, said.

“If the student does not know how to use the II, then it will be very difficult to get a job,” said the mandarin, translated by CNBC.

Hanghang AI focuses on AI Skills training. On June 6, she launched the Global AI platform to help entrepreneurs get initial AI projects, even if they are still working on daytime.

So far, 70 investors are involved on the platform and at least 50 projects aboard, Shu. He added that the goal is to Invest in 1000 projects for three yearsEach of which receives 10,000 yuan from three fans, which is 30,000 yuan to move to each project.

The Chinese authorities encouraged the efforts to accept the II and Robots, while increasing the support of employment. The Ministry of Finance announced on Tuesday that there is allocated 66.74 billion yuan ($ 9.29 billion) For subsidies related to employment this year. On Monday, the Ministry of Industry and Information Technology and the Ministry of Civil Affairs announced a two -year pilot program for Check the use of robots for the care of elderly citizens.

Sustainable fears of work

Of course, II is not going to suddenly get into each industry.

But from the Covid-19 pandemic, the persistent story viewed in Chinese social media and in random conversations is the uncertainty of work.

Records of graduates. More people get support from parents and pursuing higher degrees. Companies reduce salaries, throwing bonuses and closing departments if they do not close at all. Individuals and businesses went to social media and sell products through live broadcast, where competition is still harsh, but the potential for success remains.

The following complicates the labor market is a local culture that works, even if it means regular overtime and weekend conferences. Unhealthy competition is most obvious in the Chinese electric vehicles, where fierce competition has led to the race, which caused government warnings to Stop what is conditionally known as “Neijuan” or involution.

This does not even take into account the economic impact of escalation of trading tensions that led to a 34% plunge In China’s export in the US last month, official data showed on Monday.

About 16 million jobs in China The US exported, calculated by Goldman Sachs.

Monthly business polls in May, which have shown the labor market.

The data indicates the situation rarely observed over the last decade, Hui Sachs “Hui Shan noted in an analysis published last week.” Labor markets are very weak, especially in construction and among small businesses. “

But “weakness of the labor market can become a catalyst” for greater stimulation, the report said. China’s best leaders usually hold a political meeting in late July.

Mark Smith, CEO of Niocorp Development Company, says the US should find a way to arrange with China for the supply of heavy rare land, while the former construction chain of supplies, and that the stock of critical minerals is unlikely to be effective because China is the only supplier.

Robin Sing, Chinese Economist Morgan Stanley, discussed constant differences between the US and China ranging from trade to EVS and how it affects the mood in China.

The Meituan Keeta unit launched the drones in Hong Kong, expanding its existing routes in mainland China. Vice -President Meituan Yinian Mao talked to Emily Tan about the dreams of drone shipping and how they fit into his wider operations.

The US-Chita agrees the basis after talking in London. US and China have reached the trade agreement, representatives on both sides on Wednesday after A The second day of talks at high level In London. US President Donald Trump and Chinese President Xi Jinping spoke over the end of last week, stabilizing what became a rich communication with both countries, accusing each other of violating the Geneva trade agreement.

The consumer price index in China fell in May. It was Fourth negative reading. Core CPI, which eliminates food and energy prices, recovered after a high in the past in January. Trade data indicated on modest export growth in May, while Imports decreased much more than expectedAnother sign of weak domestic demand.

US exaggerated the development of huawei chips. So it is said that the CEO of a Chinese telecommunications company in an interview published on The first page The newspaper of China’s Communist Party on Tuesday. Ren Zhengfay said that while Huawei chips remain in one generation for those who, the company finds ways to compensate for the gap.

Chinese and Hong Kong shares have risen to early trading on Wednesday after leaders from the US and China said they have them reached the trade agreement.

Mainland Chinese CSI 300 In two weeks increased by 0.8% to the highest level, and Hong Kong Hang the Index – The included large Chinese companies – increased by 0.6% as of 11am local time.

The CSI 300 lost about 0.97%, while Index Hang Sen scored more than 21.54% this year.

June 11: Running the XPENG G7 car

June 13: Chinese Vice Premier

June 16: Chinese retail sales, industrial production and investment data for May