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If you look at what some of the schools are paying for credentialed teachers, the pay is close to 30,000 rmb per month (divide by 6.5) to get US total. Plus housing stipend is often given. Across the US I don't know how many districts are paying over 4,000 (48K annually) per month for teachers with a few years of experience. Note, this is for expat teachers - local Chinese teachers will get around 5000 rmb a month. the 300 rmb figure per hour is for short term tutoring or for teachers teaching small groups of 5 - 7 year children a few hours a week.
I tutor two kids, a brother and sister, for two hours Saturday and Sunday, for a total of 1500 RMB, which is 375 RMB or $58 USD per hour. When I was a professional ESL teacher, I had multiple private students like this as well as gigs at private learning centers (usually 250/hr) and also at public schools, which typically pay more but are on shorter supply and more competitive to get. I had been salaried at 13500 RMB/mo (2200 USD) for about 5 hours of work per day, 5 days per week, but with other gigs I was making about 25 to 30k RMB/3600 to 4700 USD. Considering how cheap the cost of living was in general, it's a good lifestyle, and one that keeps a lot of expats here for much longer than they planned.