It is absolutely true--teaching English in such great demand!
It is not difficult for native English-speaking people from developed country such as US, Canada, UK, etc. to get a decent job without degree. Although the Chinese schools require a degree in their "job posting", it is not a must. Until my late American husband passed away in China, I suddenly realized the reason why English-teaching is so expensive/noble is not English itself, but the nationality.
I have a Nigerian friend whose sister is a professional English teacher in Nigeria with bachelor degree. But the trouble is China government doesn't offer Chinese working visa to Nigerians, and most of Chinese schools only hire white people.
So your face color and nationality is a must to obtain the decent English-teaching job in developing country where most of people can't follow English such as China, Thailand, South Korea, Taiwan, maybe including Japan, etc. instead of your degree and certificates.
Most of common Chinese only earn a little salary(200-500 dollar monthly), very poor. but now the average monthly salary of foreign teachers in China is about 3,000 dollar!
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Haha i heard about white privilege in China. I'm a native speaker but sadly i'm not white :(
I feel it depends on the nationality. Singapore is such a wealthy and clean country compared to China. I really feel it is not a good choice for people from developed country to move to China. I feel regretted to let my American husband come to China. It truns out that it is a big mistake.
But for young people, it should be a great experience to teach English in China for a short time. It is always wonderful to get chance of tasting another kind of culture and politcal system and different environment. If anyone is interested in teaching English in China, please feel free to contact me. I would like to offer guide and good recruitment information for them.