Elderly residents spend a leisurely day in a park located in Fuyang City, situated in the eastern part of China's Anhui Province, January 15, 2024. /CFP
China is intensifying efforts to develop its "silver economy" as a strategy to address its aging population, improve livelihoods and boost related industries for high-quality economic and social development.
During a press briefing held by the State Council Information Office on Monday, Zhang Shixin, deputy secretary-general of the National Development and Reform Commission (NDRC), said that developing the silver economy is a proactive response to China's aging population.
By the end of 2022, China's population aged 60 and over has reached 280 million, comprising 19.8 percent of the total population, data from the National Bureau of Statistics shows. It is estimated that by around 2035, this number will surpass 400 million, making up over 30 percent, signifying a transition into a severely aged society.
In line with this demographic trend, China released a policy document on January 15. As the first of its kind in China named after the "silver economy," it outlines 26 measures in four main areas, like fostering new business models in smart elderly care. Further elaborating on the policy during the press briefing, officials highlighted the expanded concept of the silver economy.
"After extensive consultations with relevant departments, experts, scholars and the public, as well as learning from international practices, we understand the silver economy as encompassing economic activities serving the elderly and those preparing for older age," said Liu Ming, director of the NDRC.
"It covers two areas including the economy focused on the current elderly population, and the economy aimed at adults who are approaching their senior years. Incorporating services and products for this latter group is a crucial part of our national strategy to address population aging," he further explained.
Members of a wind band at a senior college are rehearsing intensively for their New Year performance, Hefei, East China's Anhui Province, January 7, 2024. /CFP
"Addressing the underlying issues in elderly care services not only enhances the well-being of the elderly but also benefits younger and middle-aged individuals by alleviating their family concerns," said Liu.
From the perspective of an individual's life cycle, the stages leading up to old age and old age itself are interconnected, he noted. For instance, it's crucial to advance health management to the younger and middle-aged stages to build a solid foundation for a healthy and fulfilling life in later years. Similarly, planning for financial security could begin in these earlier stages as well.
"By developing a multi-level pension security system and focusing on pension finance, we can ensure a continuous and robust income support for individuals as they enter their elderly years," he said.
New opportunities in silver economy
The silver economy, catering to the elderly and their families, is expected to become a new contributor to the high-quality growth of the China's economy. At present, the size of its silver economy is approximately 7 trillion yuan (around $972.7 billion), accounting for 6 percent of the GDP. By 2035, it is projected to constitute about 10 percent of the GDP.
"The silver economy spans a wide range of sectors, featuring an extensive industrial chain and diverse business models across primary, secondary and tertiary industries," said Zhang. "The market potential in this sector is also undeniable, with China's elderly population nearing 300 million."
As the country develops, the demands of the elderly, especially those born in the 1960s, are shifting. This group is increasingly focused on improving their quality of life, with interests expanding from basic health services to lifestyle needs like art, sports, leisure and entertainment.
However, Zhang pointed out that China's silver economy is still in its early stages, with existing systems yet to fully meet the elderly's needs. "To advance this sector, China aims to align supply with demand and address key concerns of the elderly," he said.
A woman tries out a device designed to assist seniors with hand mobility at a nursing home in Zhengzhou, Henan Province, April 20, 2023. /VCG
In its next phase, China plans to enhance innovation in products tailored for the elderly. This includes fostering research and development in age-friendly products, spanning from specialized clothing to various assistive devices.
Also, China will bolster the smart healthy elderly care industry, including promoting the integration of smart technologies like wearable devices, service robots and smart anti-loss devices into various elderly care environments.
Furthermore, as outlined by Li Yongxin, an official in charge of senior care at the Ministry of Civil Affairs, China is enhancing its smart elderly care services. This involves launching pilot projects and setting industry standards for smart nursing homes and elderly-assisted dining facilities.
Bridge the digital divide
As China leverages digital technology to bolster the silver economy and ease the lives of the elderly, it aims to address the challenges faced by the elderly in using digital products and services.
While digital technology is increasingly integrated into everyday life, the elderly often find digital products and services less accessible, noted He Yaqiong, an official with the Ministry of Industry and Information Technology. Common issues like difficulty in use and small fonts are barriers that lead to the lower acceptance among this age group.
"In addressing these issues, we continue to innovate and improve digital empowerment methods to bridge the digital gap for the elderly," said He. "At present, China has transformed 2,577 websites and mobile apps frequently used by the elderly, introducing features like voice search for those who find typing challenging."