Elderly people rest at a park on a summer day in Beijing. — Reuters
BEIJING: With population ageing becoming a common global challenge, there is burgeoning demand for innovative and comprehensive eldercare services, which unleashes growing potential for emerging industries.
With an increasingly greying population, China is expected to ride the trend and unlock rapid development of potential industries in the sector, drawing investment from foreign enterprises.
In 2023, people aged 60 and above in China amounted to 297 million, accounting for 21.1% of the total population. Experts have predicted that the number will surpass 400 million around 2035 and should reach 500 million by 2050.
Meanwhile, China’s grey economy now stands at around seven trillion yuan and is expected to reach around 30 trillion yuan by 2035.
Japan and the European Union have chosen to promote the grey economy when entering an advanced stage of ageing, transforming the potential of an ageing population structure into driving forces of domestic consumption by focusing on the needs and preferences of seniors.
The Netherlands is exploring digital applications in the field of home care; Japan is vigorously promoting nursing robots and assistant digital technologies; and Britain is developing fundamental research and business model innovation in the grey economy, said Hu Zuquan, a researcher at China’s State Information Centre.“The grey economy encompasses a wide range of industries, has a long industrial chain and exhibits diverse business forms,” he said. — Xinhua
