Bankers Boast Highest Average Salaries in China

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A new report indicates that banking sector professionals enjoy the highest average salaries in China.

The “2019 China Employment Quarterly Salary Guide” (2019中国就业季薪金指南) released by the Biaodian Finance and Economics Research Institute (标点财经研究院) in conjunction with China Investment Network conducted a statistical analysis of the average salaries of the employees of 3616 A-share companies from a total of 28 sectors.

The study found that banking sector employees and non-bank financial sector employees had the highest average annual salaries, at 309,000 yuan and 255,700 yuan respectively, for YoY growth of 6.04% and 1.45%.

Sectors of the Chinese economy ranked by average annual salary in renminbi:

  1. Banking – 309,000
  2. Non-bank finance – 255,700
  3. Construction – 210,800
  4. Mining – 209,400
  5. Transportation – 189,400
  6. Real estate – 179,100
  7. Telecommunications – 170,700
  8. Media – 170,000
  9. Steel – 163,300
  10. Computing – 162,600
  11. Public utilities – 151,800
  12. National defence – 149,900
  13. Machinery – 142,800
  14. Automotive – 142,000
  15. Household appliances – 138,100
  16. Industrial chemicals – 137,100
  17. Electronic devices – 136,200
  18. Food and beverage – 122,600
  19. Integrated – 119,300
  20. Leisure services – 117,400
  21. Non-ferrous metals – 113,200
  22. Construction materials – 113,200
  23. Pharmaceuticals – 112,700
  24. Commercial trade – 112,500
  25. Electrical – 111,000
  26. Light manufacturing – 101,800
  27. Textiles and apparel – 86,300
  28. Agriculture, forestry, animal husbandry and fishing – 85,400

The report found that China’s 32 listed banks paid its employees a total of 650.751 billion yuan in 2018, while total staff numbers were 2.2193 million, for a slight decline of 0.06% compared to the preceding year.

12 listed banks provided average annual salaries of over 400,000 yuan, including five joint-stock commercial banks (China Merchants Bank, Ping An Bank, China Minsheng Bank, CITIC Bank, Shanghai Pudong and Development Bank) and six municipal commercial banks (Bank of Ningbo, Bank of Shanghai, Bank of Nanjing, Bank of Hangzhou, Bank of Beijing and Bank of Jiangsu.)

The three listed Chinese banks that provided the highest average salaries in 2018 were China Merchants Bank, Ping An Bank and China Minsheng Bank, at 570,700 yuan, 480,400 yuan, and 452,400 yuan respectively, for YoY increases of 19.84%, 4.38% and 11.00% respectively.

Bank of Ningbo and Bank of Shanghai came in fourth and fifth place respectively, with average annual salaries of 451,500 yuan and 449,600 yuan respectively.

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