Editor's note: Decision Makers is a global platform for decision makers to share their insights on events shaping today's world. Nadia Rasheed is representative of the United Nations Population Fund to China. Justin Yifu Lin is dean of the Institute of New Structural Economics at Peking University. The article reflects the authors' opinions and not necessarily the views of CGTN.

Across Asia, a profound demographic transformation is underway, with population aging emerging as one of the most powerful forces shaping economies, labor markets and societies. At the Boao Forum for Asia Annual Conference 2026, this reality was a key focus of a parallel session on "Unlocking the Potential of Asia's Silver Economy Market and Creating Value through Collaboration," where discussions explored how longer lives can become a catalyst for new markets and industries and more inclusive forms of growth.

Within the next 25 years, Asia will add more older persons to the global population than the rest of the world combined. By mid-century, the region will be home to over one billion people aged 60 and above. Yet aging in Asia is far from uniform. Japan remains a pioneer in super-aged living, the Republic of Korea is undergoing one of the fastest demographic transitions in history, and China is navigating aging at an unprecedented scale, with more than 220 million people aged 65 and above. Meanwhile, many Southeast Asian countries are aging at lower income levels, creating a dual challenge of sustaining economic dynamism while adapting institutions and care systems to new demographic realities.

These shifts are often framed as a looming crisis. But that framing is incomplete. Older persons are also one of the fastest-growing consumer groups globally, shaping demand across sectors from healthcare and housing to finance, tourism and digital services. This is the foundation of the "silver economy," already representing trillions of dollars in global economic activity and poised to expand further in the decades ahead.

The question, then, is not whether aging will transform economies, but how countries can shape this transformation to be inclusive, sustainable and equitable. Unlocking the full potential of the silver economy requires more than market growth. It demands forward-looking policies, enabling investment environments, elderly care systems tailored to the economic, cultural and social traditions of each nation and deliberate efforts to ensure that the benefits of longevity are widely shared.

Encouragingly, innovation is gaining momentum across Asia. Governments and communities are testing integrated care models that bring health and social services closer to people. Labor market reforms are supporting longer and more flexible working lives. Cities are becoming more age-friendly, while lifelong learning programs are helping older adults remain active, skilled and connected. Intergenerational initiatives are also strengthening social cohesion in societies where age structures are rapidly evolving.

Technology is accelerating many of these trends. Advances in artificial intelligence, robotics and digital platforms are opening new possibilities for health management, independent living and responsive care systems. In China, the China AgeTech Development Report – developed with support from UNFPA, the National Development and Reform Commission and Fudan University – points to a shift from fragmented pilot projects to integrated innovation ecosystems linking research, industry and services. These ecosystems not only improve care, but also promote active aging by expanding opportunities for participation and continued contribution in later life.

Yet technology alone is not a panacea. Without careful attention, it can reinforce existing inequalities. Many older persons – particularly those in rural areas, those with limited digital access, and older women who often face compounded disadvantages – risk being left behind. Bridging these gaps requires investment in digital literacy, accessible design and inclusive policies that reflect the diversity of aging experiences.

A life-course approach is therefore essential. Aging is not an isolated stage of life; it reflects cumulative advantages and disadvantages over time. Ensuring that people can age with dignity, health and security requires investments across the life span – from education and employment to health systems and social protection.

The Boao session, hosted by the Boao Forum for Asia and the China National Committee on Ageing, organized by the Government of Hainan Province and the China Ageing Development Foundation, and supported by UNFPA, reflected the kind of collaboration needed to move forward. This multi-stakeholder approach underscores a critical point: No single actor can unlock the silver economy alone. Governments must provide enabling policies, the private sector drives innovation and investment, academia contributes evidence and foresight, and civil society ensures solutions are grounded in lived realities.

China's proactive response to population aging offers valuable insights, from efforts to integrate health and elderly care systems to the development of age-friendly products and services and the prioritization of the silver economy. More broadly, the lesson for the region is clear: Collaboration, adaptability and long-term thinking are essential.

Ultimately, the success of the silver economy should not be measured only by the growth of new markets. It will be measured by something far more meaningful: whether longer lives truly become better lives – healthier, more secure and more fulfilling.

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