(Yicai Global) Oct. 13 -- Shanghai's average salary increased to USD704 (CNY4,630) per month in August, exceeding job seekers' expectations, an Employment Promotion Center of Shanghai Municipal Human Resources and Social Security Bureau report shows.

The growth rate of average pay in China's largest city was 8.8 percent annually, compared to an annual increase of 9.6 percent posted in recent years.

Shanghai's salary growth has been slowing down since 2014, the report said. The expected average monthly salary in Shanghai was CNY4,474, up 4.8 percent from last year with an average annual growth rate of 5.9 percent over the past five years.

Private enterprises offered some of the highest salaries with an average of CNY4,733, marking a climb of 8.7 percent and a decrease in growth rate. The average monthly salary at foreign-invested firms was CNY4,484, with a growth rate of 9.2 percent that outstripped other types of enterprises.

The finance sector had the highest average salary in August, CNY5,436. This marked a 3.4-percent monthly increase and a 5-percent annual rise.

The average monthly salary of the information transmission, computer services and software industry was CNY5,144, down 4.1 percent monthly and up 15.6 percent annually. The average monthly salary of CNY3,969 in public management and social organizations was among the lowest. It represented a monthly increase of 2.9 percent, and an annual decrease of 0.8 percent.