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Embracing the Silver Economy

2024-02-28 12:15:00 Source:China Today Author:China Today
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Several elderly people playing musical instruments on the shore of Sanya Bay, Hainan Province on October 30, 2023. 

China is home to the world’s largest aging population. According to data of the seventh national census, the number of people aged 60 and above is 264.02 million, accounting for 18.70 percent of Chinese population. The Ministry of Civil Affairs forecasts that China's senior population will exceed 300 million during the 14th Five-Year Plan period (2021-2025), passing from a mildly aging society to a moderately aging society. 

The first meeting of the Central Commission for Financial and Economic Affairs (CCFEA) under the 20th CPC Central Committee in May 2023 emphasized the need to vigorously develop the silver economy. With the increase of per capita GDP, the scale of China's silver economy will expand rapidly, becoming a major force to drive the economic growth of China and the world. 

Then, how can China utilize the new opportunities of population aging to unleash the huge potential of its silver-hair market? To find answers from various perspectives to this question, our reporters interviewed experts from academic, political, and business circles, and presented stories of China's practices in helping the elderly live a happy retirement life. 

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