During a press briefing held by the State Council Information Office on Monday, Zhang Shixin, deputy secretary-general of the National Development and Reform Commission (NDRC), said that developing the silver economy is a proactive response to China's aging population.

By the end of 2022, China's population aged 60 and over has reached 280 million, comprising 19.8 percent of the total population, data from the National Bureau of Statistics shows. It is estimated that by around 2035, this number will surpass 400 million, making up over 30 percent, signifying a transition into a severely aged society.

In line with this demographic trend, China released a policy document on January 15. As the first of its kind in China named after the "silver economy," it outlines 26 measures in four main areas, like fostering new business models in smart elderly care. Further elaborating on the policy during the press briefing, officials highlighted the expanded concept of the silver economy.

"After extensive consultations with relevant departments, experts, scholars and the public, as well as learning from international practices, we understand the silver economy as encompassing economic activities serving the elderly and those preparing for older age," said Liu Ming, director of the NDRC.

"It covers two areas including the economy focused on the current elderly population, and the economy aimed at adults who are approaching their senior years. Incorporating services and products for this latter group is a crucial part of our national strategy to address population aging," he further explained.

From the perspective of an individual's life cycle, the stages leading up to old age and old age itself are interconnected, he noted. For instance, it's crucial to advance health management to the younger and middle-aged stages to build a solid foundation for a healthy and fulfilling life in later years. Similarly, planning for financial security could begin in these earlier stages as well.

"By developing a multi-level pension security system and focusing on pension finance, we can ensure a continuous and robust income support for individuals as they enter their elderly years," he said.

New opportunities in silver economy

The silver economy, catering to the elderly and their families, is expected to become a new contributor to the high-quality growth of the China's economy. At present, the size of its silver economy is approximately 7 trillion yuan (around $972.7 billion), accounting for 6 percent of the GDP. By 2035, it is projected to constitute about 10 percent of the GDP.

"The silver economy spans a wide range of sectors, featuring an extensive industrial chain and diverse business models across primary, secondary and tertiary industries," said Zhang. "The market potential in this sector is also undeniable, with China's elderly population nearing 300 million."

As the country develops, the demands of the elderly, especially those born in the 1960s, are shifting. This group is increasingly focused on improving their quality of life, with interests expanding from basic health services to lifestyle needs like art, sports, leisure and entertainment.

However, Zhang pointed out that China's silver economy is still in its early stages, with existing systems yet to fully meet the elderly's needs. "To advance this sector, China aims to align supply with demand and address key concerns of the elderly," he said.