I know a few folks with majors in English (some are "business" English majors).  Their jobs are mostly in the international sales department at trading companies or larger Chinese factories.  Typically, these jobs will have some kind of requirement such as CET-4 or better.  They're making a bit more money than you described....but not much more.

AFAIK, in most instances Chinese students do not choose their major. More often than not they are assigned their major. So from a western perspective it may seem odd but here it is more often than not a matter of completing the major they are assigned.

Ok, let me tell my story. My major was English when I was in college, and believe it or not, I spent 5 years in two different colleges to get a degree. Was it worthy? YES! Am I making a lot of money? NO! However, I couldn't do my job if I don't know any English! I like English as a language, the culture and lifestyle behind it help me to understand this world in many ways. I wouldn't say it's uselss when I'm in abroad even I haven't had a chance to go out. I've met many interesting people from many other counties and they both think my English is great, moer importantly, I can express myself clearly and hold a good conversation with them. I didn't work my ass off for my English degree yet I did work hard for it and I had fun learning it. For those who have to struggle to get CET4/6, TEM4/8, I got them easily back in school. There's more than just one way to learn Englsih. I'm now working for a very good american company and I just got promoted even though I joined this company in August last year. Promotion would never happen to me if I work for a Chinese company just for 6 or 8 months. It will take years for such thing happen. I am really glad that English is my major.

Yet I do admit that English is just a tool for communication, I don't get my job just because I speak good English. It's because of my other skills and qualities.

When it comes to degrees from Chinese universities it usually doesn't really matter what subject it is in. As mentioned above, students often get their major assigned to them and so there is not much choice in what to study. Furthermore, many (most?) Chinese employers ask for a degree - not specifying any specific subjects. 

So I would say that a BA in English could potentially be worth as much as a BA in any other field of studies in China. The connections are what counts in the end anyway. 

I think the OP has forgotten about all the English teachers China needs....

It means a lot whether going abroad or staying here. There are Chinese people in my hometown who majored in English back home in China, and even if they work as a waiter or waitress, the ability to communicate with, and engage in smalltalk with the locals helps a lot.

There's also all the Chinese assistants who help teach English. There's also the men and women who work for businesses. The possibilities are endless and yes, it helps. There are good jobs in this field. My wife's dream was to be an English major, but her brother said she'd have no future in it, and to become an electrician instead. WTF? Well, she hated that.

Now her English has improved immensely since we first met. Her speech is really good, but she still has Chinglish quirks here and there. Bottom line is, English majors can expect more job opportunities than a limited specialization. I think.

Absolutely it does help. All of my colleagues are English majors working in translation, editing and publishing. They have comfortable desk jobs and earn comfortable salaries. They are not working as fuwuyuan or laborers. I would argue that a degree or part of a degree in English is critical if you want to do anything abroad. In my country, the licensing requirements for many fields of employment require you to undertake further overseas training, even if you are highly experienced and qualified in China. The basic requirement for further training is a high level of English. 

I would like to find a couple of people to work for my business in Shenzhen who speak and write great English as well as having other business skills. Can anyone suggest where I can look or post a job ad?

You guys seem to write pretty well... may I ask what range of salary you are on or might feel you ought to be on?