According to the summary analysis of the 2023 annual reports of about 5,400 listed companies in mainland China, the total number of employees reached 30.57 million by the end of 2023, an increase of 3.52 million compared to the end of 2019. This growth reflects the huge absorption capacity of the Chinese private sector, especially industries such as pure electric vehicles (EVs) and new energy, towards the labor market.

In terms of specific numbers, private enterprises led the growth in employment numbers by 2.85 million, accounting for 81% of the total increase. Local state-owned enterprises operated by local governments contributed an additional 350,000 people, accounting for 10%, while central enterprises saw an increase of 100,000 people, accounting for 3%. Although a simple comparison is not possible, it is noteworthy that from 2010 to 2020, private enterprises accounted for about 50% of the increase in employment.

Among various industries, the automobile, electronics, semiconductor, and new energy industries, in particular, have become the main forces for the increase in employment numbers. Among them, BYD, a leading company in the EV industry, has seen a dramatic increase of about 470,000 employees since 2019, reaching a total of 700,000, surpassing Japan's Toyota. To meet the growing production demands for electric vehicles, BYD has spared no effort in recruiting personnel and has also improved employee welfare conditions, such as expanding commuter vehicles, improving cafeteria dining, and establishing the "Shenzhen BYD School" in partnership with local schools, covering education from kindergarten to junior high school.

In the field of electric vehicles, China's largest automotive battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) also significantly expanded its workforce, adding nearly 90,000 people. In the field of Electronic Manufacturing Services (EMS), Luxshare Precision Industry grew by nearly 100,000 employees, undertaking the manufacturing of products including the "Apple Watch", demonstrating its competitive strength against giants such as Foxconn.

In contrast to the growth of these companies, some state-owned enterprises performed poorly. For example, SAIC Motor, which was slow in the competition for electric vehicles, experienced a reduction of 9,359 employees, highlighting the harsh reality of the market's survival of the fittest.

According to data from China's Ministry of Human Resources and Social Security, from January to March 2024, the number of newly employed people in urban areas was 3.03 million, a year-on-year increase of 2%. However, compared to the average of 3.26 million new jobs in the five years before the pandemic (2015-2019), the overall employment market is still under pressure. In particular, the current downturn in the real estate industry, which contributes nearly 30% to the Gross Domestic Product (GDP), has created some impact on the employment market.

In China, the unemployment rate among those aged 16 to 24 is about 15%, and the issue of youth employment has become a social concern. According to data released by the National Bureau of Statistics, China's employed population has exceeded 700 million. This vast labor force mainly covers groups such as the primary industry not listed on the securities market, small and micro enterprises, and individual entrepreneurs. The impact of the COVID-19 pandemic on these industries is particularly significant.

Although the EV and new energy industries show growth momentum, their expansion is clearly still insufficient to fully resolve employment issues for China's vast job market. Therefore, at the Central Politburo meeting held on April 30, the leadership proposed a policy of "emphasizing employment as a priority," indicating that the government will commit to improving the current employment situation.

The government is intensifying its management of major corporations such as information technology (IT) companies. Although these firms are not included in the aforementioned statistics, for instance, the number of employees at Alibaba Group and Tencent Holdings, both listed on the Hong Kong Stock Exchange, has increased by more than 100,000 and 40,000 respectively since the end of 2019. However, it is important to note that excessive regulation of these companies may negatively affect their development and their ability to create jobs.