China Unveils Plan for Massive ‘Silver Economy’ to Serve Elderly
- People aged 60+ will make up 30% of population in a decade
- Could eventually be worth $4 trillion, local media estimates
An elderly woman exercises at a park in Beijing.
Photographer: Wang Zhao/AFP/Getty Images
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China rolled out a plan for a so-called “silver economy” estimated to be worth trillions of dollars, catering to a rapidly-aging population needing services ranging from meal delivery to nursing homes and entertainment options.
Beijing wants to mobilize state and the private sector companies, it said in an outline released by the State Council. They’ll be encouraged to tailor consumer products like clothes, vehicles and food to the specific needs of older people, the paper said. Smart devices and virtual reality are expected to fill labor shortages and improve the quality of elder care, it added.