China's aging population fuels 'silver economy' boom, but profits can prove elusive

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. That's fueling growth in services and products aimed at older adults in what Beijing calls the silver economy, which is projected to balloon from about 7 trillion yuan currently to approximately 30 trillion yuan in 2035, raising its share in the economy from about 6% to roughly 10%, Hu Zuquan, a researcher at the State Information Center, a public institution affiliated with China's main planning agency, told state media. Du Peng, dean of the school of population and health at Beijing's Renmin University, said the government is expanding basic care services to all older people who need them, moving beyond its traditional focus on those without family support. In January, Beijing issued new guidelines calling for expanding home care services and meal deliveries and more clothing, food and tech products tailored for older adults. If they lack enough insurance to cover medical and other expenses, many older Chinese must set aside funds for such costs, limiting their spending capacity, he said, and it takes time to build industries producing senior-focused products and people trained to provide such services.