This is something that happened several years ago. Well done for catching up.
Chinese Universities have not stopped issuing bachelors degrees. Somebody has been getting confused again.
This is nothing to do with the former One Child Policy. Simply that a very large proportion of Chinese students study to postgraduate level. There is no time saved because the premise of the false news is, well, false. It takes longer to study for a postgraduate degree than a bachelors and probably about the same time for a bright student to do two bachelors degrees as a masters.
A few years ago China tried a program where universities offered double bachelor programs. It was designed to complement higher level studies. As China's postgraduate program has progressed the dual bachelor scheme was ended in 2017. However, this does not stop students doing a double major or taking two bachelors degrees. Most certainly it does not stop students from studying for bachelor degrees.
Of course the problem for all students studying for a bachelors, just as in other countries, in comparison to a Master's Degree, the bachelor degree is a trade school degree. That difference becomes more noticeable in a society that values learning and where, for those with the ability, a Master's is attainable.
So, where does the outdated misinformation that Texas77 loves come from? And why?