Chongqing - Officials announced on Monday that Chongqing has launched 20 initiatives to boost the silver economy, aiming to advance elderly care services and related industries.

As China’s demographics shift and health management improves, the growing elderly population is emerging as a major consumer force, unlocking vast opportunities in the silver economy.

The silver economy focuses on creating goods and services that cater to the aging population's needs, boost their purchasing power, and address their demands for healthcare, daily life, and consumption.

Elderly residents practice Tai Chi at the community elderly service center. (Photo/Dai Yuan)

Chongqing's aging population is growing faster than average. In 2023, over six million residents were aged 65 or older, making up 18.9% of the population—3.5 percentage points higher than the national average. The elderly population has increased by 230,000 annually over the past five years.

Li Jianping, Deputy Director of the Chongqing Municipal Commission of Development and Reform, explained the difference between elderly care services and the elderly care industry. Elderly care services are basic support the government or social organizations provide, such as healthcare, security, and daily assistance. The elderly care industry, on the other hand, covers market-driven sectors like rehabilitation, senior products, and specialized services tailored to seniors' needs.

The demands of the elderly population are becoming more varied and urgent, necessitating coordinated development across the elderly care industry. This initiative aims to nurture the silver economy into a thriving sector.

One key area of focus is the innovation of elderly products. The city recognizes the diverse needs of older adults in areas such as clothing, food, housing, transportation, and healthcare and plans to encourage manufacturers to develop more personalized, high-quality products tailored to seniors. 

Chongqing will leverage cutting-edge technologies like the Internet of Things (IoT) and cloud computing to create a smart and healthy elderly care industry. This new ecosystem will be built around the daily life, safety, healthcare, and rehabilitation needs of the elderly.

The city aims to strengthen businesses in the silver economy by encouraging state-owned enterprises to enter this sector and supporting private companies' growth. This will create leading firms that can integrate industry resources.

The elderly care service system has been improved with two main models: extending medical services to elderly care institutions and adding medical facilities within these care centers.

Currently, Chongqing has 176 medical and nursing institutions, offering 52,000 beds. These facilities provide one-stop care for elderly individuals with disabilities or dementia.

Free health management is provided to seniors aged 65 and above, including annual physical exams with routine tests to enhance services. Additionally, 8,720 family doctors are now available through contract services to offer personalized care for elderly residents.