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providing medical services” as its mandate. Some elderly care finance must be accelerated, with
public hospitals in Guangzhou have set up health notable improvements in the elderly care finance
care centers to serve the residents of Hong Kong system and vigorous development in elderly care
and Macau, offering one-stop medical services, insurance as the third pillar of the pension system.
including family outpatient clinics, intra-hospital Firm support must be given to the exploration
referrals, remote consultation with the Hong Kong and innovation of relevant financial products and
specialists, insurance consultation and direct services, reinforcing the overall development of
payments. As the vision of a healthy GBA takes the elderly care finance industry.
shape rapidly, enhanced and concerted efforts
are needed to nurture and exchange of health This series of national-level policies and measures
care talent between the Guangdong Province and indicates a strong commitment to developing
Hong Kong. According to the Guangdong Health elderly care finance, signaling the beginning of a
Commission, the Greater Bay Area Healthcare new chapter. For the GBA to achieve high-quality
Talents Visiting Programs have been launched development expeditiously, the functions of elderly
successfully, with 83 health care professionals care finance must be fully utilized. The GBA should
from Guangdong Province visiting Hong Kong seize the historical opportunities and capitalize
for exchange and study. By the end of 2023, over on its inherent advantages in developing the
500 Hong Kong and Macau medical doctors had silver economy through continuous policymaking,
obtained qualifications to practice in the Chinese marketization and technological innovations.
mainland. Guangdong Province was the first to Support for the relevant financial developments
introduce reforms in the ranking assessments of empowers the elderly care industry, bringing the
Hong Kong and Macau medical doctors, resulting in GBA closer to becoming the national financial
nearly 50 Hong Kong medical doctors receiving the center for elderly care.
Senior Doctor Certificate in the Chinese mainland.
There have been significant accomplishments
3.2. Expediting the development of in the establishment of the pension system in the
elderly care finance with a pragmatic GBA. By the end of 2023, the population coverage
approach to actual demand of the basic pension, as the first pillar, and the
enterprise annuity and occupation annuity, as the
At the Central Financial Work Conference held second pillar, have shown a steady rising trend .
5
in October 2023, it was emphasized that “the Individual pension, as the third pillar, have also
five areas of technology finance, green finance, shown effective preliminary results. As part of the
inclusive finance, elderly care finance and digital first pilot cities for pension system development,
finance must be done well,” highlighting the Guangzhou and Shenzhen have led the nation
importance of elderly care finance in China’s in the number of individual pension account
response to an aging population. In early 2024, openings. Without question, the development of
the State Council’s General Office issued Opinions finance in elderly care services is surging. Policies
on Developing the Silver Economy and Improving such as The Outline Development Plan for the
the Well-being of the Elderly, proposing support Guangdong-Hong Kong-Macao Greater Bay Area
for financial organizations to develop elderly care and The Opinions on Financial Support for the
finance businesses in accordance with laws and Construction of the Guangdong-Hong Kong-Macao
regulations. This measure envisions the eventual Greater Bay Area have provided the impetus for the
provision of an array of services in elderly care development of elderly care finance in the GBA. The
financial planning and capital management, insurance industry has played a critical role in the
diversifying elderly care financial products and elderly care finance market of the GBA. In recent
strengthening research in this area. Subsequently, years, many insurance organizations have engaged
the National Financial Regulatory Administration in the business setup for the GBA’s elderly health
emphasized further in The Guidance Opinion
in Regard to Handling “The Five Main Areas”
Properly by the Banking Industry and Insurance 5 [ <Statistical Bulletin on the Development of Human
Industry that the pace of development for Resources and Social Security in Guangdong Province
in 2023>, Source: Department of Human Resources
and Social Security of Guangdong Province]
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