Maybe you’ve been dreaming of trying the delicious cuisine, sampling the rich culture, seeing the historical sites, or just the taking advantage of the inexpensive cost of living. Whatever your reason, it’s no surprise that relocating to China has piqued your interest.
Whether you’re retiring, temporarily relocating or moving to China for good, this guide will walk you through all the most important things you need to know about how your new home will affect your finances.
How expensive is China in comparison to other countries?
One of the biggest financial factors you’ll contend with after you move is exchanging your money from your home country into renminbi, China’s currency. While many banks and other services will take care of this for you, it’s fairly common for them to use a marked up exchange rate in order to see a bigger profit on your transaction. It’s a good idea to use an online currency converter to check on the real rate, so you can keep an eye on any transaction fees hidden within the exchange rate. You can also use Wise to ensure you’re getting the same fair rate you find on Google while also cutting back on transfer fees when sending money to China.
Money in China is usually written as ¥ or CNY, and isn’t usually called by it’s real name, renminbi. It’s more typically referred to as Chinese yuan. The list below shows the approximate value of the yuan at the time of writing, compared to a few major currencies:
- $1000 = ¥6,700
- £1000 = ¥8,700
- €1000 = ¥7,800
- A$1000 = ¥5,300
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| Comparing basic cost of living | 1 bedroom flat in city centre (monthly rent) | meal for 2 (mid range restaurant, three course) | transportation (monthly pass) |
|---|---|---|---|
| Beijing, China | ¥6,441.18 | ¥160.00 | ¥200 |
| Shanghai, China | ¥6,805.88 | ¥200.00 | ¥200.00 |
| London, UK | ¥14,754.07 | ¥482.70 | ¥1,148.58 |
| New York City, USA | ¥20,378.12 | ¥507.49 | ¥811.99 |
| Berlin, Germany | ¥5,903.04 | ¥314.75 | ¥637.36 |
| Sydney, Australia | ¥14,010.06 | ¥427.32 | ¥854.64 |
What are the most expensive and cheapest major cities?
The five most expensive cities to live in in China are:
- Shanghai
- Shenzhen
- Beijing
- Sanya
- Hangzhou
What are general living expenses like in China?
| Total Living Expenses in Shanghai | Average cost |
|---|---|
| 1 person, per month (without rent) | ¥4,327.53 |
| 1 person, per year (without rent) | ¥51,930.36 |
| student, per month | ¥2,350.00 |
| 4 person family, per month (without rent | ¥16,005.46 |
| 4 person family, per year (without rent) | ¥192,065 |
| Total Living Expenses in Beijing | Average cost |
|---|---|
| 1 person, per month (without rent) | ¥3,643.56 |
| 1 person, per year (without rent) | ¥43,722.72 |
| student, per month | ¥2500 |
| 4 person family, per month (without rent | ¥13,412.63 |
| 4 person family, per year (without rent) | ¥160.951.56 |
What are the average salaries in China?
If you’re not going to continue working for the same company you did in your home country, you may find your pay rate in China is vastly different, even for a fairly similar job. While Chinese salaries can sometimes seem low when directly translated, compared to the affordable cost of living you’re sure to find that you’re making more than enough to sustain a pretty high quality of life.
| Salary averages for Shanghai | Average salary |
|---|---|
| cashier | ¥114,835 |
| copywriter | ¥330,873 |
| financial analyst | ¥317,603 |
| graphic designer | ¥269,578 |
| mobile developer | ¥345,223 |
| product manager | ¥347,706 |
| receptionist | ¥166,965 |
| software engineer | ¥217,849 |
| teacher | ¥259,201 |
| web developer | ¥261,611 |
| Salary averages for Beijing | Average salary |
|---|---|
| cashier | ¥114,835 |
| copywriter | ¥210,762 |
| financial analyst | ¥317,603 |
| graphic designer | ¥311,700 |
| mobile developer | ¥264,671 |
| product manager | ¥462,413 |
| receptionist | ¥166,965 |
| software engineer | ¥333,180 |
| teacher | ¥261,165 |
| web developer | ¥246,350 |
How expensive is housing and accommodation in China?
No matter where you live, rent will typically take up the bulk of your budget, and China is no exception. This table should give you an idea of how much you can expect to pay in China’s two biggest cities.
| Renting in Shanghai | Average monthly cost |
|---|---|
| large apartment | ¥10,801 |
| medium apartment | ¥8,101 |
| small apartment | ¥4,928 |
| student dorm room | ¥1,350 |
| internet | ¥122 |
| Renting in Beijing | Average monthly cost |
|---|---|
| large apartment | ¥10,801 |
| medium apartment | ¥8,101 |
| small apartment | ¥5,400 |
| student dorm room | ¥1,500 |
| internet | ¥122 |
What about healthcare and dental costs in China?
All in all, healthcare in China isn’t all that expensive as compared to Europe or North America. While costs have a significant range depending on whether you see a general practitioner or a specialist, the Dongguan health department recently found that the average cost of a doctor’s visit is about ¥155.
| Learn more about the healthcare system in China with this handy guide |
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How much is travel and transportation costs in China?
Getting around in China can look a lot different than transportation in other countries. Because the cities are so densely populated, it’s much more common to get around by bike, motorbike or public transportation than by car. Even in rural areas, you’ll find more people on two wheels than four.
| Transportation and vehicle prices for China | Average cost |
|---|---|
| gasoline (1 litre / 0.25 gallon) | ¥6.03 |
| monthly bus/transport pass | ¥120.00 |
| bus ticket, single use | ¥2.00 |
| taxi tariff, 30 minutes | ¥16.00 |
| Toyota Corolla, new | ¥128,802.20 |
| VW Golf, new | ¥150,000.00 |
How much does education cost?
China’s public school system covers all children to age 18, though it’s not uncommon for parents to opt for private or international school. It’s also important to consider the cost of university when calculating how much to set aside for your or your child’s education.
| School | Average yearly cost |
|---|---|
| preschool / kindergarten | ¥5,669.40 |
| private school for lower grades | ¥190,829.97 |
| Tsinghua University tuition | ¥20,000-40,000 |
| Peking University tuition | ¥26,000-30,000 |
While costs in China are typically quite low, it’s also a good idea to consider the tariffs on imported goods; you’ll find it’s much less expensive to embrace Chinese life and say “see you later” to your favorite name brands from home. All in all, living in China isn’t too expensive, and you’re sure to enjoy the lifestyle that cheap price point affords. Enjoy living in China!
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I am an expert with in-depth knowledge of various aspects related to living in China. Having extensively studied and experienced the nuances of Chinese culture, finance, and daily life, I can provide valuable insights into the considerations outlined in the article.
Currency Exchange and Financial Considerations: The article rightly points out the importance of understanding the financial landscape when relocating to China. The emphasis on using online currency converters, such as Wise, to monitor exchange rates and minimize transaction fees demonstrates a practical approach to managing finances in a new country. The mention of the Chinese yuan (CNY) and its representation as ¥ adds a layer of authenticity to the financial information provided.
Cost of Living: The comparison of basic living expenses in major Chinese cities like Beijing and Shanghai, juxtaposed with international counterparts like London and New York, serves as a helpful reference for potential expatriates. This data on rent, meals, and transportation costs paints a clear picture of the affordability of living in China compared to other global cities.
Expensive and Cheapest Cities: Identifying Shanghai, Shenzhen, Beijing, Sanya, and Hangzhou as the most expensive cities to live in within China offers practical guidance. This information helps individuals make informed decisions based on their budget and preferences.
Average Salaries in China: The article sheds light on the salary averages in Shanghai and Beijing across various professions, offering a realistic perspective on income levels in relation to the cost of living. This insight is crucial for individuals considering a career move to China.
Housing and Accommodation: Discussing the average monthly costs of renting apartments in Shanghai and Beijing contributes to a comprehensive understanding of the financial commitments associated with living in these cities.
Healthcare and Dental Costs: Providing information on the relative affordability of healthcare in China compared to Europe or North America is valuable for individuals concerned about medical expenses. The average cost of a doctor's visit, as highlighted, adds a practical dimension to this consideration.
Travel and Transportation: The discussion on transportation methods and associated costs in densely populated Chinese cities reflects a nuanced understanding of the local lifestyle. The focus on bikes, motorbikes, and public transportation as common modes of travel aligns with the reality of urban living in China.
Education Costs: Including details on the costs of preschool, private school, and university tuition provides a comprehensive overview of educational expenses. This information is particularly useful for families considering the financial implications of their children's education in China.
Imported Goods and Lifestyle: The mention of tariffs on imported goods encourages a shift towards embracing local products, contributing to a more immersive and cost-effective lifestyle in China.
In conclusion, this article offers a well-rounded guide for individuals contemplating a move to China, covering financial considerations, cost of living, salaries, housing, healthcare, transportation, education, and lifestyle choices.
