In May 2024, China’s Bureau of Statistics released updated salary statistics. One part of the report focuses on salaries by industry across China.
Let’s dive into some of their figures from 2022 & 2023!
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Average Salaries by Industry (Nationwide in China 2022-2023)
| Industry | 2023 (¥/USD) | 2022 (¥/USD) | Growth (%) |
|---|---|---|---|
| Information Transmission, Software and IT Services | ¥231,810 / $33,730 | ¥220,418 / $32,120 | +5.2% |
| Financial Industry | ¥197,663 / $28,770 | ¥174,341 / $25,410 | +13.4% |
| Scientific Research and Technical Services | ¥171,447 / $24,960 | ¥163,486 / $23,840 | +4.9% |
| Health and Social Work | ¥143,818 / $20,920 | ¥135,222 / $19,700 | +6.4% |
| Electricity, Heat, Gas and Water Supply | ¥143,594 / $20,910 | ¥132,964 / $19,370 | +8.0% |
| Mining Industry | ¥135,025 / $19,660 | ¥121,522 / $17,710 | +11.1% |
| Culture, Sports and Entertainment | ¥127,334 / $18,540 | ¥121,151 / $17,640 | +5.1% |
| Wholesale and Retail Trade | ¥124,362 / $18,130 | ¥115,408 / $16,810 | +7.8% |
| Education | ¥124,067 / $18,070 | ¥120,422 / $17,550 | +3.0% |
| Transportation, Warehousing and Postal Services | ¥122,705 / $17,860 | ¥115,345 / $16,810 | +6.4% |
| Public Administration and Social Security | ¥117,108 / $17,050 | ¥117,440 / $17,120 | -0.3% |
| Leasing and Business Services | ¥109,264 / $15,910 | ¥106,500 / $15,530 | +2.6% |
| Manufacturing | ¥103,932 / $15,130 | ¥97,528 / $14,210 | +6.6% |
| Real Estate | ¥91,932 / $13,370 | ¥90,346 / $13,160 | +1.8% |
| Construction | ¥85,804 / $12,480 | ¥78,295 / $11,410 | +9.6% |
| Residential Services and Repairs | ¥68,919 / $10,030 | ¥65,478 / $9,540 | +5.3% |
| Water Conservancy and Environmental Management | ¥68,656 / $10,000 | ¥68,256 / $9,940 | +0.6% |
| Agriculture, Forestry, and Fishery | ¥62,952 / $9,170 | ¥58,976 / $8,590 | +6.7% |
| Accommodation and Catering | ¥58,094 / $8,450 | ¥53,995 / $7,870 | +7.6% |
Note: The table is horizontally scrollable on smaller screens.
China Industry Salary Analysis 2023: Tech Sector Leads While Traditional Industries Show Mixed Growth
✨ Overview
In 2023, China’s employment landscape showcased significant salary variations across industries, with the technology sector maintaining its position as the highest-paying field. This comprehensive analysis examines salary trends across major industries, highlighting notable growth patterns and industry-specific developments.
Technology and Finance Dominate High-Income Sectors
The Information Technology and Software Services sector continues to lead China’s salary rankings, with professionals earning an average of ¥231,810 ($33,730) annually in 2023, representing a 5.2% increase from 2022. This reinforces China’s growing prominence in the global tech industry and its continued investment in digital transformation.
Related reads: Tech Salaries in China: What Top Companies are Paying Talent, Average Salary at China’s ‘Big 3’ Tech Firms: Tencent, Alibaba, & Baidu
The Financial industry secured the second position with an average annual salary of ¥197,663 ($28,770), demonstrating remarkable growth of 13.4% – the highest percentage increase among all sectors. This substantial growth reflects the robust expansion of China’s financial services sector and its increasing sophistication.
Related reads: Financial Analysts in China: Salary Data and Hiring Guide
Knowledge-Based Industries Show Strong Performance
Scientific Research and Technical Services maintained strong positioning with average annual wages of ¥171,447 ($24,960), though showing modest growth of 4.9%. This sector’s high wages reflect China’s ongoing commitment to technological innovation and research development.
Related reads: Data Analysts in China: Average Salary and Job Description
Healthcare and Essential Services
The Healthcare and Social Work sector offered competitive compensation at ¥143,818 ($20,920), with a healthy 6.4% growth rate. This increase likely reflects the continued importance of healthcare workers and the sector’s development following global health challenges.
Notable Trends
Strongest Growth Sectors
1. Financial Industry (13.4% growth)
2. Mining Industry (11.1% growth)
3. Construction Industry (9.6% growth)
Challenging Areas
– Public Administration showed a slight decline (-0.3%)
– Real Estate growth remained modest at 1.8%
– Water Conservancy and Environmental Management saw minimal growth (0.6%)
Industry-Specific Analysis
Technology Sector
The commanding lead of the IT sector (¥231,810 / $33,730) over other industries demonstrates:
– Continued high demand for tech talent
– China’s successful digital transformation initiatives
– Strong competition for skilled professionals
Financial Services
The significant 13.4% growth in financial sector salaries indicates:
– Expanding financial markets
– Increased sophistication of services
– Growing importance of fintech
Traditional Industries
Manufacturing and construction sectors show resilience with:
– Steady growth rates
– Continued modernization efforts
– Adaptation to technological changes
Future Outlook
The salary data reveals several key trends that may shape China’s labor market:
1. Digital Transformation: The high wages in tech and finance suggest continued investment in digital infrastructure and services
2. Skills Premium: Knowledge-based industries command significantly higher salaries, emphasizing the importance of education and specialized skills
3. Service Sector Development: Despite lower absolute wages, service industries show promising growth rates, indicating potential for future development
Conclusion
The 2023 salary data paints a picture of an evolving Chinese economy where:
– Technology and finance sectors lead in compensation
– Traditional industries show resilience and adaptation
– Service sectors demonstrate growth potential
– Knowledge-based roles command premium wages
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