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Urban salaries rise, financial and mining top field

A technician remotely controls the electric shovel at a smart control center of an iron ore mining branch of Pangang Group in Panzhihua city, southwest China’s Sichuan province, April 11, 2024. (Photo/Xinhua)

The average annual salary of people working in urban public enterprises rose by 6,669 yuan ($922.32) to 120,698 yuan in 2023, an increase of 5.5 percent year on year in real terms.

Meanwhile, the increase in annual salary for people working in urban private companies was 3,103 yuan to 68,340 yuan, an increase of 4.5 percent year on year in real terms, according to data released Friday by the National Bureau of Statistics.

Wages in the financial and mining sectors showed relatively faster growth than in other sectors, with wage growth exceeding 10 percent for both private and public sector industries in urban areas.

In the financial sector, average wage growth at public companies in urban areas was 13.4 percent, while at private companies it was 13.2 percent. In mining, average wage growth was 11.1 percent for government-owned companies and 10.4 percent for private companies.

The higher growth rate in the mining industry is mainly influenced by factors such as the steady increase in the supply of key mineral products and the acceleration of the process of energy transition to green and low-carbon, said Wang Pingping, director of NBS. Department of Census and Employment.

The rapid growth of the new energy vehicle industry has led to strong demand for lithium batteries that have made the lithium mineral industry more welcome in recent years, with more and more companies in the field tapping into lithium resources.

Wang added that among the three major sectors of the financial sector with higher wages in public-sector enterprises in urban areas, the average wage of the monetary services sector (mainly banks) recorded an increase of 6.0 percent, while the financial services sectors (mainly stock exchanges) recorded an increase of 6.0 percent. funds and investment companies) experienced a growth of 6.7 percent.

The average salary of the information transmission, software and information technology service industry in 2023 was 231,810 yuan, the average income in the financial sector was 197,663 yuan, and 171,447 yuan for the scientific research and information technology service industry, making these the sectors with the highest total annual revenue. income in urban public enterprises in 2023.