Shanghai salaries are now the highest on the mainland, surpassing Shenzhen for the first time as foreign companies rush to open branches in the commercial hub. The average annual salary in Shanghai had reached 49,180 yuan (HK$46,553), the overseas edition of the People's Daily said on its Web site. The source of the figures was not stated. Shenzhen followed with 47,943 yuan, but that figure was down 1,000 yuan from the last survey. Beijing was third at 46,611 yuan and Guangzhou fourth with 41,377 yuan. It is the first time in recent years that salaries in Guangdong's provincial capital have fallen below 42,000 yuan. The report attributed Shanghai's place at the top to 11 years of double-digit economic growth, active foreign trade and multinational companies putting more resources into the city. Shanghai's Statistical Bureau put the average salary at 19,452 yuan last year, less than half the People's Daily figure, but this figure took into account the wages of both urban and rural residents. The city's annual expendable income for urban residents was 13,250 yuan last year, up 11.5 per cent from 2001, the bureau said. In rural areas it was less than half that level, at 6,212 yuan.