It’s easy to notice the many elderly people in crowds in China, whether tourist groups or concert audiences, even though the country is home to the largest elderly population in the world.
According to official data, by the end of 2023, the population aged 60 and above had reached 297 million people in China, accounting for 21.1% of the total, and is expected to reach nearly 500 million by 2050. .
Faced with the rapid aging of its population, China is mobilizing more to make this demographic change a new engine of economic growth.
After releasing the first specialized document to support the development of the senior economy a year ago, China is striving to achieve its goal. It has intensively launched national and local policies related to the senior economy over the past year, to accelerate the release of the dynamics of this aspect of the economy and promote its development on a path fast.
Population aging, especially in the longevity era, not only brings demographic changes, but also the reshaping of economy, society and culture, says Wu Yushao, deputy dean of the Institute of Aging from Fudan University.
Almost all sectors will transform and segment in response to the aging population, which offers unlimited business opportunities, he points out.
According to China’s National Committee on Aging, the senior economy, currently valued at 7 trillion yuan, is expected to reach 49.9 trillion yuan by 2050.
Unlike previous generations, who grew up in an era of scarcity, those born in the 1960s and 1970s benefited from the considerable changes brought about by the country’s reform and opening-up from an early age. They are more educated, more independent and wealthier, says Ren Zeping, chief economist at Zhengzhou-based Zhongyuan Bank.
Last year, the elderly became an active force in China’s consumer market. The strength of seniors is among the top ten buzzwords for 2024 selected by Yaowenjiaozi magazine.
Older Chinese had accumulated a total wealth of 78.4 trillion yuan in 2023, the committee said.
The opportunities offered by the senior economy are not limited to China. The aged care, medicine and health sectors are now open to foreign investors. China recently approved the establishment of wholly foreign-owned hospitals in nine regions.
According to Dr. Justine Coulson, representative of the United Nations Population Fund (UNFPA) in China, China’s exploration of the senior economy in the next decade will provide valuable experiences for emerging economies.
