China unveils plan for massive ‘silver economy’ to serve elderly

A 1960s baby boom and subsequent decades-long single-child policy have turned China into one of the world’s quickest-ageing populations. - AFP

BEIJING: China rolled out a plan for a so-called "silver economy” estimated to be worth trillions of dollars, catering to a rapidly-agEing population needing services ranging from meal delivery to nursing homes and entertainment options.

Beijing wants to mobilse state and the private sector companies, it said in an outline released by the State Council. They’ll be encouraged to tailor consumer products like clothes, vehicles and food to the specific needs of older people, the paper said. Smart devices and virtual reality are expected to fill labour shortages and improve the quality of elder care, it added.