With populations aging, many countries including China face such serious issues as labor force, health care and pensions. Attitudes are changing towards the care of aging parents, and state and commercial pension systems and the senior care industry are expanding.

Professor Dong Keyong from Renmin University of China said that the country became an aging society in 2000 when people over 65 accounted for more than sever percent of the population. It's expected that China's population over 65 will reach 12 percent next year and over 30 percent in 2050.

Dong explained that one major consequence of an aging society is the decline of labor force, which is getting down to only one-third of the total population.

Dr. Wei Nanzhi, a research fellow at the Institute of American Studies of the Chinese Academy of Social Science, acknowledges the serious situation of an aging population in China. But he also points out that people should not regard the elderly as a burden to society, because the working experience of the senior citizens would be useful in an economy that relies on high-skilled labor.

Additionally, the elderly population, especially those in advanced urban areas, can help boost the economy through consumption. "We should make use of such complexity," Wei stated.

Lim Tai Wei, a research fellow at the National University of Singapore, echoed Wei's point of view that there are also opportunities presented by the growing elderly population.

"Generally, studies show that the aging population tends to consume less, but because the base population is so large, I think the impact may be limited. Because the Chinese market, the size is so big, it can accommodate consumption of every sort," Lim explained.

Lim continues that there are ample opportunities for the "silver" industry. For example, business areas catering to the needs of the elderly. He gave several examples of how companies in elderly care, pharmaceuticals and tourism can capitalize on the growth of the aging population.

He pointed out the large number of senior citizens in China can not only provide opportunities for local industries, but also give rise to a boom in the "silver" industry in its neighboring countries.

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