Having anchored myself in China for over five years as an international business development manager, I frequently encounter queries from expatriates curious about the financial prospects of such a move. China’s burgeoning economy and the influx of multinational corporations establishing their presence here undeniably create a robust demand for adept managers to spearhead business triumphs. Nonetheless, the salary landscape in China is intricate, often presenting a different picture from what foreigners might be accustomed to in their home countries. Drawing from my own journey, I aim to shed light on the financial nuances and provide a clearer understanding of what one might expect in terms of remuneration in this vibrant market.
When I first moved to Shanghai in 2019, I took a job with a European automotive company leading partnerships and new initiatives for their China division. With an MBA and about 8 years of business development experience at that point, I was able to negotiate a salary of RMB 480,000 annually plus a 13th month bonus, along with other perks like housing allowance. It felt like a dream package at the time! Of course, salaries always seem to creep down in economic slowdowns, so when 2020 hit, that dream faded quickly.
By 2021, I had switched companies and taken a senior BD manager role at a major Chinese tech firm looking to expand globally. The base salary was RMB 420,000 — a bit of a step down, but they made up for it with a 50% annual performance bonus potential. Last year in 2023, I hit all my targets and walked away with a nice RMB 630,000 total for the year. However, many of my expatriate colleagues have not been so lucky with Chinese companies cutting back foreign talent budgets. I’ve seen lots of friends take pay cuts up to 20-30%.
These days, as a foreign business development lead with over 10 years of experience split evenly between Europe and China, I would say the current market rate falls around RMB 500,000-700,000 ($75,000-$100,000) in total salary for mid-to-senior level management roles at multinational companies. Chinese companies tend to pay less. Fresh MBAs with minimal experience will start closer to RMB 300,000-400,000 most likely. Of course there are always outliers on both ends, but that has been the average range in Shanghai/Beijing from what I’ve seen. Bonuses range wildly too, anywhere from 10% to 50%+.
Some key things I remind newcomers is that salaries and offers here almost never meet initial expectations. Negotiating as a foreigner is also incredibly difficult as Chinese companies have become wary of being overcharged for our skills and expertise. Lastly, personal connections and networks go far. Even with all the recruiters swarming LinkedIn these days, finding that perfect China job often still comes down to who you know that can get your resume through the door. My advice is to take the process slowly, do your research, and try leveraging global mobility programs within large corporations to secure a proper expat package for your first few years. Feel free to reach out if you want to discuss further!