The silver economy holds enormous opportunities and will inject new momentum into China's economic development, Jin Li, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), said in Beijing on Tuesday.
Jin, also vice president of Shenzhen-based Southern University of Science and Technology, emphasized the potential of the silver economy in response to a question on China's aging population at a group interview ahead of the opening meeting of the third session of the CPPCC National Committee, the country's top political advisory body.
"China's population aged 60 and above has already surpassed 300 million and is expected to exceed 400 million by 2035. An aging population does not necessarily mean that China's demographic dividend is disappearing. In fact, with continuous improvements in education and overall health, elderly people can continue to play an active role in society," said the national political advisor.
"Currently, the group of healthy and energetic seniors aged 60 to 70 is growing, with many remaining full of vitality and rich in experience. Initiatives such as senior think tanks and volunteer programs can provide them with more opportunities to stay engaged and contribute their expertise, helping to unlock the potential of an aging population," he said.
China's silver economy, industries catering to the needs of the elderly, holds a significant potential as the country's aging population shifts from basic survival needs to higher-level demands, such as healthcare services and leisure activities, according to Jin.
"The silver economy presents vast potential on both the supply and demand sides. By 2035, China's silver economy is expected to reach approximately 30 trillion yuan (about 4.12 trillion U.S. dollars) in size. Conservative estimates suggest that by 2050, the silver economy could create at least 100 million jobs. This highlights the enormous opportunities within the silver economy, which will inject new momentum into China's economic development," he said.
China's silver economy poised for growth amid population aging
