Title: Beijing Boasts Highest Average Monthly Salary in China; Young Professionals Flock to New First-Tier Cities
Date: July 25, 2023
According to a recent report released by Liepin, a subsidiary of Tongdao Liepin, the average monthly salary in Beijing has reached 18,976 yuan, making it the highest in the country. The report also highlights a growing trend of young professionals flocking to new first-tier cities in search of better career prospects and higher salaries.
The report, titled “Report on Talent Flow and Salary Trends in the First Half of 2023,” reveals that Shanghai, Beijing, and Shenzhen are the top three cities for talent delivery this year. Beijing’s average monthly salary of 18,976 yuan stands at the forefront, while Shanghai experienced the highest salary growth in the past six years, reaching an increase of 29.6%.
Liepin’s report indicates that the job market environment has influenced a considerable uptick in intergenerational talent movement in the first half of 2023. Notably, the proportion of post-00s job seekers relocating to new first-tier cities has surpassed that of traditional first-tier cities. This trend has been observed since 2022, reaffirming the increasing appeal of new first-tier cities among young professionals.
In terms of talent delivery, Shanghai, Beijing, and Shenzhen dominate the top rankings, accounting for 10.15%, 7.86%, and 7.32% respectively. Guangzhou follows as the fourth-ranked city with a 5.97% share. Hangzhou claims the fifth position and leads non-first-tier cities with a talent delivery share of 4.95%. Chengdu, Suzhou, Nanjing, Wuhan, Chongqing, and Xi’an each account for over 2% and rank sixth to eleventh respectively.
Considering the average recruitment monthly salary offered in these cities, Beijing takes the lead with 18,976 yuan. Shanghai and Shenzhen secure second and third positions, offering average salaries of 18,132 yuan and 17,784 yuan respectively. Hangzhou follows closely with an average monthly salary of 16,223 yuan, while Nanjing ranks among the top five cities with 15,022 yuan.
The Liepin report further reveals an interesting insight into professionals’ career aspirations, with 34.8% expressing their intention to start a small business by opening a stall or shop. Interestingly, there is a correlation between income levels and entrepreneurial ambitions, as individuals with lower salaries show a higher inclination towards setting up their own business ventures. Additionally, the report highlights a generational divide, indicating that the younger the age group, the greater the desire to embark on entrepreneurial endeavors. Among those born after 2000, a staggering 62.5% plan to set up a stall or open a shop, while 40.7% of those born after 1995 share a similar ambition. In contrast, only 20.8% of individuals born in the 70s expressed a willingness to pursue entrepreneurial ventures.
The Liepin report sheds light on the changing landscape of talent movement and salary trends in China’s job market, with Beijing emerging as a city with the highest average monthly salary. Furthermore, the growing popularity of new first-tier cities among young professionals indicates the shifting dynamics of career opportunities and urban development in the country.