Seniors make paper-cuttings at the home care service center in Hexi district, Tianjin city in north China. (PHOTO: XINHUA)

By ZHONG Jianli

With the increase of its elderly population, China is taking measures to cultivate new drivers for economic growth by developing its "silver economy."

The General Office of the State Council recently released the Guideline on Developing the Silver Economy to Improve the Well-being of the Elderly. This marks the country's first specialized document supporting the development of the silver economy.

This economy primarily refers to economic activities offering services and products for the elderly. As the number of this demographic grows, the consumer base for elderly products and services continues to expand, driving the silver economy into a new phase of rapid growth.

According to data from China's National Bureau of Statistics, by the end of 2022, China's population aged 60 and above had exceeded 280 million, accounting for 19.8 percent of the total population. It is estimated that around 2035, this population will exceed 400 million, accounting for more than 30 percent of the total.

The guideline stresses the need to optimize medical and healthcare services for the elderly. Hospitals and healthcare institutions are encouraged to increase capacity to treat geriatric diseases and promote the application of R&D achievements in senior healthcare.

It proposes to plan a number of high-level silver economy industrial parks. Leveraging advantages of free trade pilot zones, various economic development zones and demonstration zones for service industries, efforts will be made to advance cross-regional and international cooperation in the silver economy sector.

In providing standardized elderly care services and products, emphasis will be placed on prioritizing technologically-advanced, market-recognized products for the elderly, such as mobile terminals, wearable devices and service robots. The establishment of high-level, specialized third-party quality testing platforms is highlighted in the guideline.

To expand channels for consumption, e-commerce platforms and large retailers are encouraged to host themed shopping festivals and design elderly-friendly interfaces, so as to facilitate convenient online and offline shopping experiences.

In addition, the role of sci-tech innovation will be enhanced to make breakthroughs in rehabilitation aids and smart healthcare technologies. Data related to the silver economy will be shared and used in an orderly and rational way to empower industrial development.