China has recently released a guideline aimed at addressing the challenges posed by its aging population and tapping into the potential of the burgeoning ‘silver economy.’ The initiative includes measures to expand, standardize, and cultivate various industries to cater to the needs of seniors.
The guideline seeks to develop industries that support the well-being of the elderly, ranging from healthcare and retirement services to leisure and cultural activities. By doing so, China aims to not only provide better care for its senior citizens but also stimulate economic growth through the development of new markets and opportunities.
The aging population presents a significant challenge for the nation. With a growing number of seniors, there is an increasing demand for services and products tailored to their needs. This demographic shift has prompted policymakers to explore innovative solutions to ensure the sustainability of social services and the economy.
Experts are delving into insights from the guideline. Wang Dan, chief economist of Hang Seng Bank (China); Sayuri Shirai, professor of economics from Keio University; Janice Chia, founder and managing director at Ageing Asia; and Gustav Strandell, CEO of International Care System, are among those analyzing the potential impacts and opportunities arising from this initiative.
One of the key questions is how much potential exists for China’s elderly care industry. With government support and a large aging population, the industry is poised for significant growth. This presents opportunities not only for domestic businesses but also for international investors and service providers.
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China's guideline to unlock the potential of the "silver economy"
cgtn.com
