Page 6 - The SouthChina Business Journal
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Developing the labor shortages in key industries
Silver Economy – such as manufacturing.
New Proposals to Cultivate China’s Elder Care Industry At the same time, the aging
population presents a huge
By Arendse Huld, Posted by China Briefing opportunity for the so-called “silver
economy”. In 2023, people over the
China’s growing elderly population presents both challenges age of 60 accounted for 21.1 percent
and opportunities for the economy. In a new set of opinions, of the total population, while over-
the State Council proposes several measures to improve social 65s accounted for 15.4 percent.
support systems and infrastructure for the elderly population These figures crystallize the fact
and cultivate various industry segments to leverage new market that China’s elderly population is
opportunities. We discuss how the proposals seek to develop becoming an increasingly important
the silver economy in China, from developing niche markets to and influential consumer base which
providing government support for elderly care projects. companies must take seriously to
ensure their longevity in the country.
The General Office of the State decline accelerated in 2023 when
Council has released a new the population fell by a further 2.08 Developing social infrastructure
set of Opinions on Developing a million to 1.40967 billion people.
Silver Economy to Improve the According to demographic modeling The opinions provide numerous
Well-being of the Elderly by the UN from 2022, China’s proposals for improving the country’s
(the “opinions”). population may drop to 1.313 billion elderly support infrastructure, which
by 2050 and fall below 800 million will help to guarantee the basic
The 26-point document proposes by 2100. needs of the elderly population and
a variety of measures to improve improve their overall quality of life.
elder care services and leverage new China’s population decline poses a
opportunities presented by China’s host of challenges to the country’s These include improving mechanisms
aging population. future development, not least for ensuring basic services and
because existing support structures necessities, such as meals, home-
Addressing the aging population for the elderly are inadequate even based services, and community
has become a top priority for the for the current old-age dependency services, improving the provision
government. In 2022, China’s ratio. An older population will also of healthcare for the elderly, and
population declined for the first time place greater pressure on the providing more options for education
in six decades, with 850,000 fewer country’s pension, medical, and and entertainment, among many
people than the previous year. This elderly care systems, and lead to other initiatives.
Specific initiatives include:
• Improving meal assistance
and delivery services: The
opinions propose for various types
of organizations, including takeout
3 AMCHAM SOUTH CHINA
Developing the labor shortages in key industries
Silver Economy – such as manufacturing.
New Proposals to Cultivate China’s Elder Care Industry At the same time, the aging
population presents a huge
By Arendse Huld, Posted by China Briefing opportunity for the so-called “silver
economy”. In 2023, people over the
China’s growing elderly population presents both challenges age of 60 accounted for 21.1 percent
and opportunities for the economy. In a new set of opinions, of the total population, while over-
the State Council proposes several measures to improve social 65s accounted for 15.4 percent.
support systems and infrastructure for the elderly population These figures crystallize the fact
and cultivate various industry segments to leverage new market that China’s elderly population is
opportunities. We discuss how the proposals seek to develop becoming an increasingly important
the silver economy in China, from developing niche markets to and influential consumer base which
providing government support for elderly care projects. companies must take seriously to
ensure their longevity in the country.
The General Office of the State decline accelerated in 2023 when
Council has released a new the population fell by a further 2.08 Developing social infrastructure
set of Opinions on Developing a million to 1.40967 billion people.
Silver Economy to Improve the According to demographic modeling The opinions provide numerous
Well-being of the Elderly by the UN from 2022, China’s proposals for improving the country’s
(the “opinions”). population may drop to 1.313 billion elderly support infrastructure, which
by 2050 and fall below 800 million will help to guarantee the basic
The 26-point document proposes by 2100. needs of the elderly population and
a variety of measures to improve improve their overall quality of life.
elder care services and leverage new China’s population decline poses a
opportunities presented by China’s host of challenges to the country’s These include improving mechanisms
aging population. future development, not least for ensuring basic services and
because existing support structures necessities, such as meals, home-
Addressing the aging population for the elderly are inadequate even based services, and community
has become a top priority for the for the current old-age dependency services, improving the provision
government. In 2022, China’s ratio. An older population will also of healthcare for the elderly, and
population declined for the first time place greater pressure on the providing more options for education
in six decades, with 850,000 fewer country’s pension, medical, and and entertainment, among many
people than the previous year. This elderly care systems, and lead to other initiatives.
Specific initiatives include:
• Improving meal assistance
and delivery services: The
opinions propose for various types
of organizations, including takeout
3 AMCHAM SOUTH CHINA
