But for the better jobs, there are formal degree requirements. So, what will you do when looking for a better job in case you do not meet that requirement?

Take a lesser job, still miles better than working an even lesser job back home! Better does not necessarily mean the best for everyone from abroad. I'd have thought that would've been obvious, but maybe I have been attributing too much streetwisedness to Westerners who have come here.

IMO, a degree of common sense is lacking sometimes in some foreigners who come to China, and bear in mind that not all foreigners come here to be born-again capitalists who couldn't realise their high-flying ambitions back home, and wanna realize them here. Some have money saved up back home, which they can use to supplement their mediocre salaries if they wanna mix in high circles. Not everyone teaching here needs or desires the better jobs!