Urban elites and their relative income levels are windows on the emerging socioeconomic order in China. We add to the research literature a new view that economic sectors are the institutional contexts in which different elites seek their material gains. Conducting a trend analysis with 1988 and 1995 national surveys of urban China, we found that political, administrative, and managerial elites maintained consistently higher levels of income relative to professional elites, but this applied mainly to a monopoly sector of industries that were restricted to state operation. Managers in the open industry sector that allowed for free entry and exile experienced income declines relative to professionals within the sector, even though the former had moderately higher income levels than the latter in 1988 and 1995. All elite groups in the monopoly sector retained higher incomes than their counterparts in the open sector in 1995, but not necessarily in 1988.