China's large bachelors' group hurts the country's economy, according to CASS

Speakers: Li Ningjing and Sam Duckett

[Photo: Baidu.com]

Although it is generally believed that single men and women are more generous spenders than their married counterparts, some analysts tend to believe that they contribute less to the overall economic growth.

Zhang Ning, an expert from China's top think tank, Chinese Academy of Social Sciences (CASS), claimed that even if the growing number of urban singles is transforming China's overall consumption mode, it nevertheless has a negative impact on its economy in the long run.

For decades, China has faced a growing gender imbalance issue with the number of bachelors exceeding the entire population of the UK and Russia combined. It now has an unmarried population of nearly 200 million, with about 20 million aged between 20 and 39, official statistics say.

It also indicated that higher divorce rates and skyrocketing housing prices are also to blame for China's dwindling married population. Meanwhile, businesses are cashing in on this segment by introducing special offers for singles at the cinema, restaurants, travel agencies and florists.

The CASS expert, however, argued that such buying power can hardly turn into positive economic growth on a state level. He said the "singles economy" focus more on self-indulgence rather than future and family investment, which tends to contribute more to the overall economy. 

The audio clip is from Studio+, produced by CRI.