As the world moves more into the digital age, China’s AI sector emerges as the most lucrative field for university graduates in 2023. The demand for AI skills has skyrocketed, reflecting in the high salaries that industries are willing to offer. A report by Liepin, a renowned Chinese recruitment platform, highlights this trend, noting an intense scramble for AI talent, especially in the realm of generative AI technologies similar to ChatGPT.
This urgency has seen the average salary in the AI industry soar by over 40 percent in just three years. Fresh out of college, these graduates can anticipate an average monthly paycheck of 18,592 yuan ($2,600). Interestingly, the hottest roles in the AI sector have evolved over the years, with positions involving pre-training models, conversational bots, and AI-generated content witnessing a threefold increase in the last half-decade.
Diverse employment landscape
Trailing behind AI, blockchain has secured its position as the second leading sector for Chinese graduates. Other industries making the cut include elderly care services, aviation, aerospace equipment, and computer hardware, all of which offer competitive salaries ranging from 15,500 to 17,500 yuan per month.
The impact of AI and Blockchain
The effects of AI and blockchain go beyond just high salaries and job opportunities. Both technologies are pioneering significant shifts in the global work landscape. A World Economic Forum report predicts AI alone will be responsible for the creation of 97 million new jobs by 2025. Meanwhile, blockchain is expected to introduce novel business models, such as cryptocurrencies and smart contracts.
However, the journey isn’t without its challenges. AI’s potential to replace routine jobs poses a threat to certain occupations. Moreover, it brings along a baggage of ethical issues, from data privacy concerns to potential biases in AI models.
Challenges for China’s youth
Despite the promising prospects in the tech industry, the broader picture for China’s youth isn’t as rosy. Cities like Xian and Hefei have seen considerable investments in the tech sector. However, the overall average salary for university graduates has seen a slight dip compared to the previous year. Liepin attributes this decline to macroeconomic challenges, but emphasizes that the current salaries still stand tall against 2021 figures.
Beijing emerges as the top-paying city, offering an average salary of 13,283 yuan. It’s closely followed by tech hubs like Shanghai, Shenzhen, and Hangzhou, which house tech giants such as Baidu and Meituan.
However, the shadow of economic challenges looms large. The aftermath of the Covid-19 pandemic, coupled with supply chain disruptions, has put China in a tight spot. The youth unemployment rate touched a record high of 21.3 percent in June 2023. The situation became so dire that the government had to halt the release of youth unemployment data.
While AI and blockchain promise a golden future for many Chinese graduates, the overall economic landscape paints a more complex picture. As China navigates these challenges, the focus will inevitably shift towards equipping its youth with the right skills for this rapidly changing job market.
