China’s rapidly expanding artificial intelligence (AI) sector has nudged aside finance as the top salaries for the second quarter of 2024. Reports say there is a push for self-sufficiency in tech and the rush to capitalise on the industry’s global popularity. AI experts are being paid more than those in banks, funds and brokerages, which have tended to offer the highest-paying jobs.
The sector is being propelled by an explosion of demand as businesses race to develop and trial AI applications. The changing fortunes of AI and financial jobs reflect a shift in national priorities as well as the job market. While employees in China’s vast financial sector have been hit by widespread pay cuts and even retractions of bonuses, tech is quickly becoming a new darling amongst jobseekers.
Beijing has diverted ample resources to boost its tech capacity – including funnelling capital from the financial sector – as the world’s second-largest economy attempts to upgrade manufacturing. This has translated into higher pay for related industries. “The AI industry is a hotly contested new tech front globally, with great potential to spawn new business models and revenue streams.
Numerous companies are competing for high-calibre talent with high salaries on offer,” Zhilian Zhaopin told the South China Morning Post. Conversely, it appears the heyday of fat paycheques for Chinese bankers and financial executives is winding down as Beijing’s sweeping overhaul of the industry has kicked into high gear. Pay cuts of various degrees have been reported at state-owned banks and investment banks alike.
But even with the cutbacks, financial sector jobs still offer competitive salaries relative to most industries. Meanwhile, China’s AI sector has showed major developments at a fair in Shanghai. Reports say the country is overcoming restrictions imposed by the West, with companies rolling out cutting-edge products developed by a growing pool of young talent. The country’s generative AI industry has shown explosive growth, with the United Nations reporting China has in recent years been the top filer of patents for AI software that creates everything from illustrations to computer code.
At the World AI Conference in Shanghai, exhibitors were keen to show off generative AI products, with one stall displaying realistic “watercolours” and sci-fi-themed illustrations produced by software. Meanwhile, a troupe of humanoid robots developed by close to a dozen Chinese organisations performed for visitors, raising their hands in unison and waving.
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