Oct. 28, 2022
The aging of China’s population is hardly news. Official data shows that by the end of 2021, China had 267 million people aged 60 and above, is 18.9 percent of the total population, while those aged 65 and above accounted for over 14 percent of the population. And China's aging population will reach its peak of about 507 million people around 2055, according to UN estimates. China is becoming one of the countries with biggest potential in the so-called "silver industry”.
Recently, the 20th National Congress of the Communist Party of China has caught much attention of the international community, the event showcased China's achievements in many sectors, but as a provider for elderly-oriented products, we paid the most attention to the topic addressing population aging.
The congress reported that “We will pursue a proactive national strategy in response to population aging, develop elderly care programs and services, and provide better services for elderly people who live alone. By doing so, we can ensure that basic elderly care is accessible to the entire elderly population.” Which released positive signals, elderly care service resources will be increased and allocated more reasonably. We believe the government will scale up support for elderly care industries.
It is confident that the growing population of elderly people and favorable policy is opening up new possibilities for many enterprises in China. Industries that have focused on younger consumers are trying to retool themselves to create, produce and market goods and service to the “silver group”. Meanwhile, tailored services for the elderly including educational training, cultural tourism, fitness and leisure, financial support and other services will continue to be enriched and elderly products involving food, clothing, housing, transportation and rehabilitation care will continue to grow. For us, it is important to upgrade the products for the elderly to ensure their access to information technology and smart reliable products.