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They are only three destinations for foreigners, Guangdong province(Shenzhen belong to Guangdong), Shanghai and Beijing, the climate of Beijing is not good, big big wind in winter, IC design is popular.
As far as I know, working in china is not so good, and there are so many digital IC design companys, the government didn't support the field so much like years before. (Just like the network in USA, Hehe)
But the analog design maybe different, just guess.
There are many IC design houses in Shanghai,China. Many eningeers who came from US work there.Now, I am working for a firm which focus on 3G IC design and protocol software.The salary is not bad. But in Shanghai, the housing price is too high. A two-bedrooms apartment need value 1000K Yuan(about 120K US dollars) . In China, it is easy to find a new job
In China, job opportunity is more than abroad. There are a lot of telecommunication device manufacutre. As you know, telecommunication market is great now, so you may find a hardware job in these companies easily. I work in this field now. I may post more suggestion on what you are interested in.
As you know China is very widely, and many cities are very potential, e.g. Dalian. Now there are a lot of Japanese companies, not any from Europe and USA. Moreover, Dalian is very beautiful city near seashore.
I was given an oppurtunity do my thesis in Infineon China ,xian but the agreed to pay the fresh Bachelor recruit pay.I was shocked on seeing the figures it was 3500 yuvan which is arround 330€ so the pay is worst compared with Europe and is worst when is considerably low when compared with Singapore or Japan or even India (where in the same infineon you would be paid arround 700 - 800 € and the living cost is just 200€ the MAXIMUM)