Savers giving way to spenders in China

Image: 123rf.com

CHINA’S hopes that consumer spending can become its new growth engine have taken a few dents in 2016, but a new generation of overspenders might give the economy a shot in the arm — even as they stretch their own resources to breaking point.

A young, middle-class and tech-savvy cohort dubbed the “moonlight generation” — because their bank accounts are light at the end of the month — are turning their backs on the cautious ways of their parents and embracing credit.