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facilities. While the Chinese mainland has vast burden on public finances caused by an aging
space and low labor cost for developing elderly care population, it also foster diverse developments
facilities, it lags in supplying the necessary health in the relevant industries. As one of the most
care resources that meet international standards active and prosperous clusters of cities in the
and has limited pool of professional talent for high- Chinese economy, the GBA will bring forth new
end elderly care services. This uneven allocation commercial opportunities with the cooperation by
of resources causes ineffective synchronization in the governments of the various cities.
the provision of cross-border elderly care services,
leading to insufficient alignment of health care 5.1. Cooperation by multiple parties
services or unsatisfactory care for Hong Kong and with policy guidance: establish a
Macau elderly. Mainland elderly receiving elderly multilevel cross-border elderly care
care services in Hong Kong and Macau must accept safety net
higher costs and resource competition pressure.
5.1.1. Enhancing the basic support for elderly
care and health care
5. Suggestions for future development
Governments of the Guangdong Province,
Cross-border elderly care is a topic that presents the Hong Kong SAR and the Macao SAR should
myriad challenges and opportunities. As they are strengthen policy coordination and establish cross-
driven by policy objectives and market forces, border elderly care safety net systems through
the GBA cities have sped up their cooperation by policy guidance and multiparty cooperation. By
complementing each other’s strengths and pushing capitalizing on the integration process and its
for integration. It goes without saying that there is incidental policy advantages, the governments
high demand for high-quality elderly care services, should press ahead with the mutual recognition of
and the traditional notions no longer meet the pension and health insurance. For example, raising
expectations of the elderly today. The elderly do, the coverage and protection level of basic elderly
and rightly so, expect care that incorporates both care insurance can provide cross-border elderly
leisure and participatory aspects with spiritual recipients with basic economic security and health
and emotional needs at the core of the yearning care support. Policy initiatives in boosting the
for aging well. In The 14th Five-year Plan for the interconnectivity of health care resources, such as
Development of National Old Age Industry and medical equipment and health care professionals
the Elderly Care Services System and Opinions and the establishment of Chinese medicine
on Developing the Silver Economy and Improving highlands, should be leveraged to promote
the Well-being of the Elderly, the State Council has innovations and share medical research findings,
placed emphases on expediting the improvement thereby satisfying the health care needs of cross-
of social security, elderly care services and sound border elderly care recipients.
supporting systems. Proactive efforts are needed
in introducing a positive attitude towards old age 5.1.2. Financial support and market regulation
and healthy aging, ensuring the elderly experience
an uplifting spirit of prosperity, happiness and Tax relief covering elderly care financial products
security. John Lee, the Chief Executive of the Hong can attract investment capital from Hong Kong and
Kong SAR, has also proposed the development of Macau and the investment funds of the insurance
the “Silver Economy” in his Policy Address of 2023. industry from the Chinese mainland. This will
He further directed the Commerce and Economic incentivize financial institutions to pioneer the
Development Bureau to spearhead the Advisory financial products that correspond to the financing
Panel on Silver Economy. The Silver Economy needs of cross-border elderly care. The legal
covers a broad segment in the economy, involves framework for elderly care finance awaits further
diverse industries and long industry chains, and improvements to enable orderly cross-border
holds enormous potential for economic efficiency market activities. Government supervision should
and social value. Not only does it leverage the adopt an innovative mindset to ensure the stability
power of the private markets in reducing the and security of the elderly care financial markets

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