Development of new markets to cater to growing silver economy

With over 20 percent of the nation's population over the age of 60, China is seeking to capitalize on consumption in the "silver economy" by opening up new markets to cater to their needs and contribute to economic growth.

Chen Yanming, 59, a semiretired man from Huangshan, Anhui province, will gradually phase out work in the next few years. In his increasing spare time, he's started cycling, a pursuit that takes up a few hours at weekends and on which he has so far spent nearly 10,000 yuan ($1,400) on related equipment and accessories.

"Many of my peers spend money on their hobbies or leisure, like tourism or dance classes. I think people over 50, like me, have gradually changed our view of life," said Chen. "I used to live a very plain life and kept the idea of saving money in my mind, but I gained little sense of happiness. My daughter persuaded me to do something I like without concern for money, as long as it's within reach."