In response to the evolving demographic landscape with an increasing elderly population, China has elevated the development of the silver economy as a top priority. A comprehensive guideline has been rolled out by the State Council, outlining measures to create an enabling environment for businesses catering to the unique needs of the aging population. The silver economy initiative aims not only to enhance the well-being and dignity of older adults but also to generate long-term economic gains, fostering new drivers of development.
The guideline defines the silver economy as a collective term encompassing economic activities providing products or services to older adults and assisting citizens in preparing for their later years. With over 296 million people aged 60 and above in China, accounting for approximately 21% of the population, the silver economy represents a vast market with substantial purchasing power. By 2035, it is estimated to reach 19 trillion yuan ($2.9 trillion), constituting 28% of the country’s total consumption and 9.6% of the national GDP.
Key initiatives include establishing high-level silver economy industrial parks, addressing urgent concerns, expanding essential services for the elderly, and prioritizing the urban-rural imbalance in elderly care services. The government aims to bridge gaps, enhance accessibility, and optimize health services for seniors. Seven key industries with high growth potential have been identified, encompassing goods favored by the elderly, smart healthcare products, anti-aging solutions, retirement financial services, and senior-friendly tourism.
Despite the silver economy’s growth potential, challenges such as a shortage of specialized talent, a lack of investment motivation, and inadequate policy support have been acknowledged. Addressing these challenges requires the development of training programs, educational initiatives, and incentives to attract and retain talent in the silver economy sector. As China recognizes the immense potential of the silver economy, efforts are being made to create an age-inclusive socioeconomic environment and overcome impediments to its development.
