articles that compared the pros and cons of different pandemic policies. Then, in mid-May, his social media Weibo account was suspended.

Jack Ma, the founder of the e-commerce behemoth Alibaba, largely disappeared from public view after he criticized banking regulators in late 2019. The regulators quashed the initial public offering of Ant Group, the tech and financial company controlled by Mr. Ma, and fined Alibaba a record $2.8 billion last year.

Ren Zhiqiang, a retired real estate developer, was sentenced to 18 years in prison on charges of committing graft, taking bribes, misusing public funds and abusing his power. His real crime, his supporters say, was criticizing Mr. Xi’s handling of the coronavirus outbreak in early 2020.

Mr. Zhou, 49, is known as a maverick in Chinese business circles. He founded his first business in stereo systems with his brother in the mid-1990s when he was still in college. In 2010, he started Yongche, one of the first ride-hailing companies.

Unlike most Chinese bosses, he didn’t demand that his employees work overtime, and he didn’t like liquor-filled business meals. He turned down hundreds of millions of dollars in funding and refused to participate in subsidy wars because doing so didn’t make economic sense. He ended up losing out to his more aggressive competitor Didi.

He later wrote a best seller about his failure and became a partner at a venture capital firm in Beijing. In April, he was named chairman of the ride-sharing company Caocao, a subsidiary of auto manufacturing giant Geely Auto Group.

A Chinese citizen with his family in Canada, Mr. Zhou said in an interview that in the past many wealthy Chinese people like him would move their families and some of their assets abroad but work in China because there were more opportunities.

Now, some of the top talent are trying to move their businesses out of the country, too. It doesn’t bode well for China’s future, he said.

“Entrepreneurs have good survivor’s instinct,” he said. “Now they’re forced to look beyond China.” He coined a term — “passive globalization” — based on his discussions with other entrepreneurs. “Many of us are starting to take such actions,” he said.

The prospect depressed him. China used to be the best market in the world: big, vibrant, full of ambitious entrepreneurs and hungry workers, he said, but the senseless and destructive zero Covid policy and the business crackdowns have forced many of them to think twice.

“Even if your company is a so-called giant, we’re all nobodies in front of the bigger force,” he said. “A whiff of wind could crush us.”

All the business leaders I spoke to said they were reluctant to make long-term investment in China and fearful that they and their companies could become the next victim of the government’s iron fist. They’re focusing on their international operations if they have them or seeking opportunities abroad.

Mr. Zhou left for Vancouver, British Columbia, in a hurry in late April when Beijing was locking down many neighborhoods. Then he wrote the article, urging his peers to try to speak up and change their powerless status.

He said he understood the fear and the pressure they faced. “Honestly speaking, I’m scared, too.” But he would probably regret it more if he did nothing. “Our country can’t go on like this,” he said. “We can’t allow it to deteriorate like this.”

In recent years, a few of Mr. Zhou’s articles and social media accounts have been deleted. His outspokenness has caused uneasiness among his friends, he said. Some have told him to shut up because it didn’t change anything and was creating unnecessary risks for himself, his family, his companies and the stakeholders in his businesses.

But Mr. Zhou can’t help himself. He’s worried that China could become more like it was under Mao: impoverished and repressive. His generation of entrepreneurs owes much of their success to China’s reform and opening up policies, he said. They have the responsibilities to initiate change instead of waiting for a free ride.

Maybe they can start by speaking up, even if just a little bit.

“Any change starts with disagreement and disobedience,” he said.

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Japan’s Economy Shrank 1 Percent as Consumers Fled Covid

TOKYO — Last December, after two years of stop-and-go growth, Japan’s economic engine seemed like it might finally be revving up. Covid cases were practically nonexistent. Consumers were back on the town, shopping, eating out, traveling. The year 2021 ended on a high note, with the country’s economy expanding on an annual basis for the first time in three years.

But the Omicron variant of the coronavirus, geopolitical turmoil and supply chain snarls have once again set back Japan’s fragile economic recovery. In the first three months of the year, the country’s economy, the world’s third largest after the United States and China, shrank at an annualized rate of 1 percent, government data showed on Wednesday.

A combination of factors contributed to the decline in growth. In January, Japan had put into place new emergency measures as coronavirus case numbers, driven up by Omicron, moved toward the highest levels of the pandemic. In February, Russia invaded Ukraine, spiking energy prices. And that was before China, Japan’s largest export market and a key supplier of parts and labor to its manufacturers, imposed new lockdowns in Shanghai, throwing supply chains into chaos.

The contraction has not been as “extreme” as previous economic setbacks thanks to high levels of vaccine uptake and less wide-ranging emergency measures than during previous waves of the coronavirus, according to Shinichiro Kobayashi, principal economist at the Mitsubishi UFJ Research Institute.

traced to the outbreak of Covid-19, which triggered an economic slowdown, mass layoffs and a halt to production. Here’s what happened next:

Consumer spending “will recover from the downward pressure, but because there are these negative factors, the question is how broad will that recovery be?” said Yoshiki Shinke, a senior economist at Dai-ichi Life Research Institute.

Japan’s prime minister, Fumio Kishida, has tried to offset the effects of price increases with large government subsidies for fuel and cash handouts for families with children. But Japanese consumers, wary of the pandemic’s economic effects, have largely been putting rounds of stimulus money into savings.

Japan’s growth is facing diverse challenges, but ultimately its recovery will depend on Covid, analysts said, a common refrain over the last two years.

While Japan has high vaccination rates and has performed better than most other wealthy countries at keeping the pandemic in check, the virus’s protean nature has made it difficult to predict its path. And that has made experts hesitant to commit to any forecasts about its future impact on global economies.

“The big risk is that corona starts to spread again,” said Naoyuki Shiraishi, an economist at the Japan Research Institute. “If a new variant appears, there will be new restrictions on activity, and that will suppress consumption.”

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How Tech Companies Are Trying to Woo Employees Returning to Work

When Google employees returned to their mostly empty offices this month, they were told to relax. Office time should be “not only productive but also fun.” Explore the place a little. Don’t book back-to-back meetings.

Also, don’t forget to attend the private show by Lizzo, one of the hottest pop stars in the country. If that’s not enough, the company is also planning “pop-up events” that will feature “every Googler’s favorite duo: food and swag.”

But Google employees in Boulder, Colo., were still reminded of what they were giving up when the company gave them mouse pads with the image of a sad-eyed cat. Underneath the pet was a plea: “You’re not going to RTO, right?”

R.T.O., for return to office, is an abbreviation born of the pandemic. It is a recognition of how Covid-19 forced many companies to abandon office buildings and empty cubicles. The pandemic proved that being in the office does not necessarily equal greater productivity, and some firms continued to thrive without meeting in person.

a happy hour with its chief executive, Cristiano Amon, at its San Diego offices for several thousand employees with free food, drink and T-shirts. The company also started offering weekly events such as pop-up snack stands on “Take a Break Tuesday” and group fitness classes for “Wellness Wednesday.”

the surveys, is that employees want to see colleagues in person.

After a number of postponements, Google kicked off its hybrid work schedule on April 4, requiring most employees to show up at U.S. offices a few days a week. Apple started easing staff back to the office on Monday, with workers expected to check in at the office once a week at first.

reimburse $49 monthly leases for an electric scooter as part of its transportation options for staff. Google also plans to also start experimenting with different office designs to adapt to changing work styles.

When Microsoft employees returned to their offices in February as part of a hybrid work schedule, they were greeted with “appreciation events” and lawn games such as cornhole and life-size chess. There were classes for spring basket making and canvas painting. The campus pub transformed into a beer, wine and “mocktail” garden.

And, of course, there was free food and drink: pizzas, sandwiches and specialty coffees. Microsoft paid for food trucks with offerings including fried chicken, tacos, gyros, Korean food and barbecue.

Unlike other technology companies, Microsoft expects employees to pay for their own food at the office. One employee marveled at how big a draw the free food was.

signed a letter urging management to be more open to flexible work arrangements. It was a rare show of dissent from the company’s rank-and-file, who historically have been less willing to openly challenge executives on workplace matters.

But as tech companies grapple with offering employees greater work flexibility, the firms are also scaling back some office perks.

cutting back or eliminating free services like laundry and dry cleaning. Google, like some other companies, has said it approved requests from thousands of employees to work remotely or transfer to a different office. But if employees move to a less expensive location, Google is cutting pay, arguing that it has always factored in where a person was hired in setting compensation.

Clio, a legal software company in Burnaby, British Columbia, won’t force its employees back to the office. But last week, it gave a party at its offices.

There was upbeat music. There was an asymmetrical balloon sculpture in Clio’s signature bright blue, dark blue, coral and white — perfect for selfies. One of Clio’s best-known workers donned a safari costume to give tours of the facility. At 2 p.m., the company held a cupcake social.

To make its work spaces feel more like home, the company moved desks to the perimeter, allowing Clions — what the company calls its employees — to gaze out at the office complex’s cherry blossoms while banging out emails. A foosball table was upgraded to a workstation with chairs on either end, “so you could have a meeting while playing foosball with your laptop on it,” said Natalie Archibald, Clio’s vice president of people.

Clio’s Burnaby office, which employs 350, is open at only half capacity. Spaced-out desks must be reserved, and employees got red, yellow and green lanyards to convey their comfort levels with handshakes.

Only around 60 people came in that Monday. “To be able to have an IRL laugh rather than an emoji response,” Ms. Archibald said. “People are just excited for that.”

Karen Weise contributed reporting.

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Why the January Jobs Report May Disappoint, and Is Sure to Perplex

The January jobs report is arriving at a critical time for the U.S. economy. Inflation is rising. The pandemic is still taking a toll. And the Federal Reserve is trying to decide how best to steer the economy through a swirl of competing threats.

Unfortunately, the data, which the Labor Department will release on Friday, is unlikely to provide a clear guide.

A slew of measurement issues and data quirks will make it hard to assess exactly how the latest coronavirus wave has affected workers and businesses, or to gauge the underlying health of the labor market.

“It’s going to be a mess,” said Skanda Amarnath, executive director of Employ America, a research group.

on Twitter and in conversations with reporters that a weak January jobs number would not necessarily be a sign of a sustained slowdown.

Economists generally agree. Coronavirus cases have already begun to fall in most of the country, and there is little evidence so far that the latest wave caused lasting economic damage. Layoffs have not spiked, as they did earlier in the pandemic, and employers continue to post job openings.

“You could have the possibility of a payroll number that looks really truly horrendous, but you’re pulling on a rubber band,” said Nick Bunker, director of economic research for the job site Indeed. “Things could bounce back really quickly.”

loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.

Economists typically pay more attention to the survey of businesses, which is larger and seen as more reliable. But some say they will be paying closer attention than usual this month to the data from the survey of households, because it will do a better job of distinguishing between temporary absences and more lasting effects from Omicron, such as layoffs or postponed expansions.

But economists have also cautioned not to minimize the impact that even temporary absences from work could have on families and the economy, especially now that the government is no longer offering expanded unemployment benefits and other aid.

“There isn’t that much Covid relief funding sloshing about anymore, so absences from work may actually reflect a meaningful decline in income,” said Julia Pollak, chief economist at the employment site ZipRecruiter.

Even in normal times, January jobs data can be tough to interpret. Retailers, shippers and other companies every year lay off hundreds of thousands of temporary workers hired during the holiday season. Government statisticians adjust the data to account for those seasonal patterns, but that process is imperfect. January is also the month each year when the Labor Department incorporates long-run revisions and other updates to its estimates.

“January is a messy month as it is,” Mr. Amarnath said.

This year, it could be extra messy because the pandemic has disrupted normal seasonal patterns. The labor shortage led some companies to hire permanent workers instead of short-term seasonal help during the holidays; others may have retained temporary workers longer than planned to cover for employees who were out sick. If that results in fewer layoffs than usual, the government’s seasonal adjustment formula will interpret that continued employment as an increase.

Other numbers could also be deceptive. The unemployment rate, for example, could fall even if hiring slowed. That is because the government considers people unemployed only if they are actively searching for work, and the spike in Covid cases may have led some to suspend their job searches.

Data on average hourly earnings could also be skewed because it is based on the payroll data — people who aren’t on payrolls aren’t counted in the average at all. Low-wage workers were probably the most likely to be missing from payrolls last month, since higher-wage workers are more likely to have access to paid sick leave. That could lead to an artificial — and temporary — jump in average earnings when policymakers at the Fed are watching wage data for hints about inflation.

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Tech Start-Ups Reach a New Peak of Froth

Astonishing data for 2021 tell the story. U.S. start-ups raised $330 billion, nearly double 2020’s record haul of $167 billion, according to PitchBook, which tracks private financing. More tech start-ups crossed the $1 billion valuation threshold than in the previous five years combined. The median amount of money raised for very young start-ups taking on their first major round of funding grew 30 percent, according to Crunchbase. And the value of start-up exits — a sale or public offering — spiked to $774 billion, nearly tripling the prior year’s returns, according to PitchBook.

The big-money headlines have carried into this year. Over a few days this month, three private start-ups hit eye-popping valuations: Miro, a digital whiteboard company, was valued at $17.75 billion; Checkout.com, a payments company, was valued at $40 billion; and OpenSea, a 90-person start-up that lets people buy and sell nonfungible tokens, known as NFTs, was valued at $13.3 billion.

Investors announced big hauls, too. Andreessen Horowitz, a venture capital firm, said it had raised $9 billion in new funds. Khosla Ventures and Kleiner Perkins, two other venture firms, each raised nearly $2 billion.

The good times have been so good that warnings of a pullback inevitably bubble up. Rising interest rates, expected later this year, and uncertainty over the Omicron variant of the coronavirus have deflated tech stock prices. Shares of start-ups that went public through special purpose acquisition vehicles last year have slumped. One of the first start-up initial public offerings expected this year was postponed by Justworks, a provider of human resources software, which cited market conditions. The price of Bitcoin has sunk nearly 40 percent since its peak in November.

But start-up investors said that had not yet affected funding for private companies. “I don’t know if I’ve ever seen a more competitive market,” said Ambar Bhattacharyya, an investor at Maverick Ventures.

Even if things slow down momentarily, investors said, the big picture looks the same. Past moments of outrageous deal making — from Facebook’s acquisitions of Instagram and WhatsApp to the soaring private market valuations of start-ups like Uber and WeWork — have prompted heated debates about a tech bubble for the last decade. Each time, Mr. Bahat said, he thought the frenzy would eventually return to normal.

Instead, he said, “every single time it’s become the new normal.”

Investors and founders have adopted a seize-the-day mentality, believing the pandemic created a once-in-a-lifetime opportunity to shake things up. Phil Libin, an entrepreneur and investor, said the pandemic had changed every aspect of society so much that start-ups were accomplishing five years of progress in one year.

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