Providing elder care services also a strong driver for growth

The inadequate development of elderly care services is becoming very obvious as China's aging population wants to lead a better life in their later years, and this is posing a challenge to the healthy development of China's economy and society.

By the end of 2023, the population aged 60 and above had already reached 297 million, accounting for 21.1 percent of China's total population. The country must attend to the needs of its aging population to advance its modernization.

This explains why the top leadership has not stopped exploring policy measures in this regard. A recently promulgated guideline document aimed at deepening the reform and development of elderly care services is the latest of such efforts.

Deepening the reform and development of elderly care services is an urgent requirement for the implementation of the national strategy to actively respond to the aging population, and an important task to ensure and improve people's livelihood, which is related to the well-being of hundreds of millions of people and social harmony and stability, the document says.

According to the document, a network of elderly care services should be in place by 2029, and a well-established elderly care service system be formed by 2035 in which the services are better matched with the needs of elderly people.

While strengthening the role of the government in the development of elderly care services, the guideline also emphasizes the role of social elements and supports various market entities to participate in the provision of elderly care services in accordance with market principles.

Funding for elderly care services is to be vigorously developed to support the construction of eligible oldage service infrastructure through local government special bonds and other funding channels, and actively meet the credit and financing needs of the providers of elderly care services. The necessary financing support for elderly care services will effectively promote the development of the sector.

China's elderly care service industry is entering a golden period with a large consumer market. Doing a good job in this regard by tapping the potential of the "silver-hair economy" will provide a strong driver of growth for China's economy at a time when it is facing downward pressures.