Business
15:06, 20-Oct-2017
Tapping China’s silver economy
["china"]
Share
Copied
In China, senior citizens are often figuratively seen in their sunset of life, nonetheless, the elderly care sector is on its way to becoming a sunrise industry.
85-year-old Wang Jugen, together with his wife, moved into a private senior care center in East China’s Yixing city last year. The couple’s new home, Joru Senior Care Center has about 100 elderly living in its senior care center and another 100 in the rehabilitation center.
Just 200 kilometers from Yixing, the Xiafu Senior Care Center is located right in downtown Shanghai, rebuilt from a hotel a year ago. Both the senior care centers are targeting high-end clients.
The challenge is evident: In a country where "filial care" is still a deeply entrenched notion, senior care centers remain the last option for senior citizens.
China is graying fast. According to the National Bureau of Statistics, in 2016, 231 million Chinese citizens are above 60 years of age, which accounts for 17 percent of the population.
In the meantime, the country faces a shortage in public resources for elderly care. The government is encouraging the participation of private capital, hoping public-private partnerships will play a a more significant role in the senior care market.
