Meeting needs of elderly drives development of 'silver economy'

The State Council, China's Cabinet, recently released a guideline outlining a variety of measures to promote the development of the "silver economy", economic activities that offer products or services for the elderly.

By the end of 2022, the number of elderly people aged 60 and above reached 280 million in the country, roughly 20 percent of its total population. Of the group, about 210 million are over 65 years old. It is estimated that by 2050, the country will have a population of 509 million aged 60 and above. The aging of society in China will be a basic national condition for a long time to come.

The country's social security expenditure has been increasing at the same time, and the contradiction between supply and demand of elderly care and health services has become increasingly prominent. It is imperative for the country to respond to the aging population and develop the "silver economy" by constructing a sustainable multilevel social security system, improving the elderly service and healthcare system, and building a policy system and social environment friendly to senior citizens.