Guangzhou bank workers yesterday welcomed the news that hundreds of HSBC jobs were being relocated across the border, saying they would do the work for as little as $1,500 a month.
That figure compares to the $6,000 salary for a back-office worker in Hong Kong. And while the announcement of the transfers of the logistics jobs to the mainland has plunged Hong Kong's banking sector into uncertainty, Guangzhou people see the move as a boost to the city's economy.
Some also warned their SAR counterparts to brace themselves for more intense competition from the mainland.
'It follows as a matter of course that the transfer means more job opportunities in Guangzhou, which means a rosier picture for the economy as a whole,' said one data entry clerk at the bank's processing centre in Guangzhou yesterday.
When asked how much she earned a month and given a suggested figure of 3,000 yuan (HK$2,820), she reacted with surprise: 'Three thousand? I have no idea about the pay of high-ranking staff.'
The woman, identified only as Ms Lok, said the average salary was 1,500 yuan and people were still able to save 300 yuan a month.
Another employee, Ms Wong, 23, said everything was cheaper in Guangzhou. 'We have a much lower cost of living here. We pay 800 yuan for the monthly rental of an average flat. So it's all part of a trend for Hong Kong companies to move northwards.'