The global population is aging at an unprecedented rate, and China’s silver economy is poised to become a significant force in the global market. According to the United Nations Population Division, the proportion of people aged 65 and above worldwide has risen from 5.5 percent in 1974 to 10.3 percent in 2024, with projections indicating it will double again to 20.7 percent by 2074.
China, with its vast population, is experiencing this demographic shift firsthand. The silver economy in China is anticipated to grow to 30 trillion yuan by 2035, accounting for 10 percent of the country’s GDP, a substantial increase from 7 trillion yuan ($974 billion) in 2024. This growth underscores the immense potential of the aging population as a driver of economic development.
Businesses and investors are increasingly recognizing the opportunities within China’s silver economy. Sectors such as healthcare, financial services, technology, and wellness are expanding to meet the needs and preferences of the elderly demographic. Products and services tailored to enhance the quality of life for older adults are gaining significant market traction.
The global aging trend presents both challenges and opportunities. As the proportion of the elderly population grows, economies must adapt to ensure sustainable growth. China’s proactive approach in leveraging its silver economy serves as a model for other nations navigating similar demographic shifts.
Analysts suggest that tapping into the silver economy not only stimulates economic activity but also promotes social inclusion and improved well-being among older citizens. By investing in this sector, China is addressing the needs of its aging population while contributing to global economic dynamics.
With the silver economy set to become a cornerstone of economic growth, stakeholders worldwide are closely monitoring China’s developments in this area.
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Graphics: China's silver economy grows amid global aging trend
cgtn.com
