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Of all the occupations of foreigners in China, teaching English is the most common. Every year thousands of people come to the Middle Kingdom to take up jobs in universities, schools and language institutes. The experiences they have probably vary more than in just about any other ESL market due to the size of the country, its recent history, and wide variations within the education sector in the country.
If you want to have a happy experience, there are a lot of things to consider. First of all, there's location. The climate and culture vary enormously from north to south, east to west, so doing some research on this might have a big influence on your stay. Food is another thing to think about. While the food in most Chinese cities comes from around the country, it still tends to be dominated by the local cuisine, which can be vastly different from another region of China.
Salary is something most people would look at first when weighing up offers, but the local cost of living can make a big difference to how far it goes, though not always in the way you might expect. If you eat a lot of imported food items, places like Beijing can be cheaper. You'll also find higher public transport subsidies in some bigger cities. Beijing's buses and subway lines are cheaper than just about anywhere. If you're going to go native, then the boonies will generally be the cheapest place to do it, assuming you don't get ripped off any more than you would elsewhere.
The jobs themselves vary tremendously, from low-stress jobs in good universities through satisfying positions in language schools, high-stress jobs in bad universities, middle-school nightmares, and on to jobs that are nothing more than criminal exploitation. With each type of employer there are good and bad situations; in fact the same position is sometimes seen in an entirely different light by two different teachers.
Before you make a decision, do as much research as you can and make sure to ask questions on the key issues for you. Try not to ask yes/no questions. Make sure you speak to a foreigner who worked there before. If possible, speak to two or three. Ask to see photos of your accommodation. Don't make any assumptions about the teaching environment. Be sceptical about any "temporary" changes to agreed conditions regarding visas, schedules and salary payments.
And after all that, cross your fingers and hope for the best.
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