China’s AI sector has surged ahead of finance to claim the top spot in salary rankings for the second quarter of 2024. This shift underscores Beijing’s emphasis on tech self-sufficiency and the global popularity driving demand in AI development. Jobs in AI saw significant pay growth, averaging a monthly increase of 5.3% to 13,594 yuan (US$1,868) compared to the previous year, according to Zhilian Zhaopin. In contrast, the broader investment sector, encompassing funds and securities, slipped to second place after leading in previous periods. This change highlights a broader trend where tech roles are increasingly favored over traditional financial careers amid shifting national priorities and market conditions.
Beijing has allocated significant resources towards enhancing its technological capabilities, redirecting capital from the financial sector. This move comes as China aims to modernize its manufacturing base and overcome various barriers to technological and trade advancement imposed by Western countries.
As a result of these developments, industries related to technology are seeing higher salaries. In the second quarter, new hires commanded monthly wages of around 13,594 yuan, surpassing the 12,178 to 13,169 yuan offered by financial institutions. Although finance still pays more on average compared to all new jobs averaging 10,313 yuan per month, the appeal of AI careers is growing stronger.
Specifically, engineers are leading the pack with average monthly earnings exceeding 22,000 yuan, placing them at the top of a list ranking the best-paid jobs in the second quarter, comfortably ahead of finance roles. Similarly, chip engineers are also enjoying significant earnings, averaging 21,124 yuan monthly during the same period.
The technology industry is a fiercely competitive frontier in global technology, poised to generate new business models and revenue opportunities. According to Zhilian Zhaopin, many companies are vying for top-tier talent by offering lucrative salaries. Recruitment in this emerging sector emphasizes advanced technology skills, higher education qualifications, significant experience requirements, and substantial pay packages. Positions in engineering and technical roles focused on algorithms, C programming language, embedded software development, and machine vision are especially noted for their high compensation levels.
Conversely, the era of substantial salaries for Chinese bankers and financial executives appears to be declining, spurred by Beijing’s extensive reforms within the industry. Reports indicate various levels of pay reductions at state-owned banks and investment firms.
Despite these adjustments, the Zhilian Zhaopin report notes that financial sector roles still offer competitive salaries compared to most other industries. The report, based on interviews with over 1,000 companies across 38 Chinese cities, highlights that this quarter marks the first time technology has been categorized separately in the survey. Previously, AI was grouped with technology and semiconductors, which ranked as the fourth highest-paid sector in the previous quarter.