The Resolution of the Central Committee of the Communist Party of China (CPC) on Further Deepening Reform Comprehensively to Advance Chinese Modernization, which was adopted at the third plenary session of the 20th CPC Central Committee, was made public on Sunday.

It stated that to actively respond to population aging, China will refine the policies and mechanisms for developing elderly care programs and industries.

"We will develop the silver economy and support the creation of diverse jobs tailored to elderly people," the resolution stressed, adding that in line with the principle of voluntary participation with appropriate flexibility, China will advance reform to gradually raise the statutory retirement age in a prudent and orderly manner.

The European Commission in 2015 defined the silver economy as "existing and emerging economic opportunities associated with the growing public and consumer expenditure related to population ageing and the specific needs of the population over 50." 

In a guideline to strengthen the silver economy released in January this year, China interpreted the silver economy as the sum of a series of economic activities, such as providing products or services to the elderly and preparing for the senior stage of life. It involves a wide range, a long industrial chain and diversified business forms, bearing huge potential, the guideline said.

According to the resolution, to boost the supply of basic elderly care services, China will develop community-based facilities, improve the operation mechanisms for public-run institutions, encourage and guide the participation of enterprises and other non-governmental actors in service provision, and promote mutual-aid elderly care and the integration of medical care and elderly care.

Meanwhile, China will work faster to shore up weaknesses in rural elderly care services. "We will also see to it that better services are provided for elderly people with special difficulties including those who live alone, have disabilities, or suffer from physical impairment, and accelerate the introduction of insurance schemes for long-term care," the resolution added.

(With input from Xinhua)