(Yicai Global) Feb. 22 -- Chinese internet giant Alibaba Group Holding will not lay off any employees and continue with its recruitment plans, Chief Executive Daniel Zhang said at a management meeting yesterday.

"We should continue to utilize the resources on our platforms to boost domestic consumption, bringing in more manufacturing and service orders," Zhang said. "The biggest value of having a platform-based economy like Alibaba is to create more job opportunities, especially when the economy is challenging."

The Hangzhou-based firm and its fintech affiliate Ant Financial Services Group employ more than 100,000 staff in total, according to its latest financial report.

China's tech sector has experienced a stream of layoffs at major firms in recent times. Chinese second-hand car trading platform Renrenche has shut down locations in many cities, while e-commerce firm JD.Com aims to weed out bottom-ranking executives, making up 10 percent of its workforce. NetEase Yanxuan plans to cut 10 percent of its staff, while some 30 firms including iQiyi, Baidu and Bilibili will also downsize.

Editor: William Clegg