"ONLY WHEN the year grows c°ld do we see the qualities of the pine and the cypress," wrote Robin Li, the boss of Baidu, in a newyear's letter to staff at China's main online-search firm. It was yet another recognition of a chill sweeping through the country's technology industry. The lavish financing that promising startups have come to expect has dried up. Job cuts have multiplied. Even China's tech giants have not been spared and are slashing bonuses and travel expenses.
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