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China's senior service industry poised to boom

Press Release 2018-12-24


A company exhibits its eldercare products at the fifth China International Silver Industry Exhibition, which opened in Guangzhou on Nov 8.

Industries serving the elderly in China are expected to double this year's size to reach 8 trillion yuan in 2020, or about 6 percent of the gross domestic product.

Starting in 2010, this sector would carry on robust growth in the years to come, Diao Haifeng, director of the information office of the Office of the National Working Commission on Aging, told the media during the fifth China International Silver Industry Exhibition in Guangzhou.

The population of Chinese people aged above 60 is expected to peak at 487 million in 2050, accounting for 34.9 percent of the total population.

Disabled elderly people stood at 40 million in the country at the end of last year.

Long-term care insurance, which some regions are piloting, will be promoted to better cover disabled senior citizens, Diao said.

Related cultural and leisure facilities, such as colleges for senior citizens, are also in short supply and will continue to be expanded, he said.

About 350 companies from nine countries and regions, including Japan, Australia and Hong Kong, are exhibiting their products and services at the fifth China International Silver Industry Exhibition, which will last Nov 8 to 10.