I think these days you'd be lucky to find a legitimate teaching job without a degree. Generally the rules for employing "foreign experts" require you to hold an u/g degree, have a teaching certificate and come from a native English speaking country. These rules tend to more flexible in smaller cities but in Beijing, Shanghai and other tier 1/2 cities it's a real ball ache for even experienced and qualified teachers to get the right documentation these days.
When talking about wages you've got to consider how many hours a week you are teaching. I worked in private training schools for high wages but they expected you teach a lot of hours. I finished working in a University for low wages but really your expected to do about 10hours teaching a week for 7 months of the year so there is loads of time to find more opportunities to find work. Almost everyone I know teaching in China is earning money on the side doing private tuition. In the last place I worked, myself and a Chinese colleague even opened our own school!
You've also got to be aware that the cost of living in China changes dramatically with location and that a lot of positions in big developed cities these days may have high wages but don't include accommodation