Urban wage growth hits six-year high

Average annual wages for urban Chinese workers grew 18.72% last year to US$3,553 (RMB24,932), the biggest annual increase in six years, the China Daily reported, citing National Bureau of Statistics figures. The average urban wage growth between 2001 and 2006 was 14%. No breakdown of salaries was given, but earlier media reports said salaries in the securities, banking and aviation sectors were more than US$14,164 (RMB100,000) on average in Beijing in 2007, while employees in the insurance, legal services, communications, tobacco, oil and gas sectors earned between US$11,331 (RMB80,000) and US$14,164 (RMB100,000). Salaries in the mining, farming and basic manufacturing sectors were less than US$2,833 (RMB20,000) per year. The average salary comprises the basic wage, bonus and all allowances and subsidies.