An elderly couple watch wedding dress photos shot by their nursing home in Changzhou, East China's Jiangsu province, Jan 9, 2024. [Photo/Xinhua]
China's silver economy, driven by its aging population, is poised for significant growth, with the potential to create 100 million job opportunities by 2050 and tap into a market worth $4 trillion by 2035, injecting fresh vitality into China's economic landscape, said a national political adviser on Tuesday.
Jin Li, vice-president of Southern University of Science and Technology and a member of the 14th National Committee of the Chinese People's Political Consultative Conference — the country's top political advisory body, actively addressed the challenges posed by an aging population and highlighted ongoing efforts at both national and local levels to develop the silver economy and enhance the well-being of the elderly.
"Every household has elderly members, and aging is an inevitable part of life. Global demographics are undergoing profound changes, with China's aging population steadily increasing. Currently, the number of people aged 60 and above in China has surpassed 300 million, a figure expected to exceed 400 million by 2035."
Jin highlighted that aging demographics do not necessarily signal the end of the demographic dividend. In fact, as education levels and healthcare conditions steadily improve, older individuals can still make significant contributions to the workforce and society.
Population dividend refers to the economic benefit that a country can potentially gain from having a large working-age population relative to the dependent population (children and elderly）.
Jin shared an example of a scholar in his 70s who recently stepped down as the dean of the business school at the National University of Singapore and joined Southern University of Science and Technology to establish an innovative entrepreneurship and organizational management department.
"The population of individuals aged between 60 and 70 is on the rise, with many bringing a wealth of energy and experience. Creating a silver think tank can help unlock opportunities within this aging demographic," Jin said.
He highlighted that the needs of China's aging population are evolving from mere survival necessities to a focus on personal growth.
"This shift encompasses not only essentials like clothing, food, shelter, and transportation but also services for healthcare, elderly care, as well as emerging desires for leisure, entertainment, and exploration. The silver economy offers extensive opportunities on both the supply and demand fronts," Jin stated.
