China releases guideline to boost 'silver economy'

China's State Council released guidelines to bolster the "silver economy" on Monday. This policy document, the first in China named after the "Silver Economy," outlines 26 measures across four key areas. It demonstrates China's commitment to advancing high-tech products and high-quality service models in this sector, aiming to ensure a fulfilling and comfortable old age for senior citizens.

To prioritize the well-being of its senior citizens, the country plans to guide catering companies and elderly care institutions in providing meal assistance services. Additionally, there will be an expansion of home-based elderly assistance services and the development of integrated service facilities within communities. This approach aims to enhance support and care available to the elderly population in various settings.

The measures also focus on optimizing health services for the elderly, including bolstering geriatric medicine departments in general and traditional Chinese medicine hospitals, enhancing the combination of medical care and nursing, as well as improving care and service capabilities for the elderly, particularly those with disabilities.

Efforts are underway to enhance cultural and sports services for the elderly, including organizing various sports events tailored to their needs. Moreover, there is a focus on further improving elderly care services in rural areas, the guideline says.

China is set to advance the development of industrial clusters by planning the establishment of around ten industrial parks focused on the silver economy. The guideline also includes nurturing leading businesses in the field and initiating standardization pilots in areas related to elderly care services and aging-friendly transformations. The country will expand consumer supply channels, encouraging e-commerce platforms and large supermarkets to organize themed shopping festivals, thereby supporting the growth of the silver economy.

The guideline highlights fostering new business models in smart elderly care, focusing on innovative products for seniors, advanced smart healthcare, the use of intelligent nursing and home service robots, as well as the expansion of the rehabilitation assistive device industry.

The guideline also stresses the importance of developing the anti-aging industry, focusing on integrating biotechnology to combat age-related diseases and developing early screening tools. It advocates for building barrier-free environments, age-friendly home renovations, and projects that enhance digital literacy among the elderly.

China is dedicated to meeting land needs for elderly care facilities and silver economy industries, advocating the redevelopment of existing sites for this purpose. Additionally, the guideline urges financial institutions to increase support for constructing these facilities and related silver economy projects, ensuring robust backing for these initiatives.