Growing old has now become a rapidly growing business in China
Print Edition
Traveling has become an indispensable part of the life of Zhang Xuemin, a 66-year-old retiree. Having already made two trips this year 鈥 one to Taiwan and the other to Shanxi, he is now planning another tour.
After retiring from a factory in Beijing, Zhang and his wife spend 30,000 yuan (US$4,241) to 40,000 yuan each year on traveling. Their annual pensions add up to about 72,000 yuan.
鈥淲e don鈥檛 worry too much about spending money on things we want, because we have pensions and medical insurance, which make us feel secure,鈥 said Zhang.
China鈥檚 senior citizens like Zhang are behind the development of the 鈥渟ilver economy鈥 in the rapidly aging country as the government attaches greater importance to elderly care.
鈥淎s we respond proactively to population aging, we will adopt policies and foster a social environment in which senior citizens are respected, cared for and live happily in their later years,鈥 President Xi Jinping, general secretary of the Communist Party of China Central Committee, has said.
鈥淲e will provide integrated elderly care and medical services and accelerate the development of old-age programs and industries.鈥
Under Xi鈥檚 leadership, the country has seen a raft of measures put in place in the past few years to meet the stronger demand for elderly care and improve the quality of life of its seniors.
Catering for the elderly
By the end of 2018, China had a population of 249 million aged 60 or above, larger than any other country and accounting for 17.9 percent of the population.
Official estimates show the number will peak at 487 million around 2050, or over a third of the total population.
As part of its efforts to address the challenge of old-age care, China has raised the basic pension for retirees from enterprises, government agencies and public institutions for 15 consecutive years.
It has also stepped up the supply of nursing homes, eased market access for private and foreign investors and offered tax exemptions on community-based elderly care services.
By the end of 2018, China had 163,800 elderly care institutions and facilities, nearly half of which were built with private investment, offering 7.46 million beds for senior citizens. Community-based services and facilities covered all urban areas and over half of rural communities.
China鈥檚 elderly care industries are expected to have a market value of 7.7 trillion yuan in 2020 and 22.3 trillion yuan in 2030, according to estimates from the Qianzhan Industry Research Institute.
鈥淎s ... people鈥檚 lives continue to improve, high-quality elderly care services are needed more than ever,鈥 said the Guolian Securities鈥 research report. Over 84 percent of senior citizens prefer to stay at home, according to research jointly carried out by the China Research Center on Aging and Tencent.
The old-age industries have expanded fast and attracted a large amount of social capital, but there should be a more effective supply of targeted and customized services and products, said Wang Lili, a researcher with CRCA.
Zhu Leishu, 86, has a voice-activated alarm connected with a video camera installed in front of her television. If she calls for help, a community guidance center and her family members will be alerted.
鈥淚 used to worry about living alone. Now my family and I are relieved, thanks to these smart devices,鈥 Zhu said.
Tourism is one of the sectors to benefit. In 2018, those born after the 1950s spent the most on traveling among all age groups, with their average expenditure on a single package tour reaching 3,115 yuan, online travel agency Ctrip showed.
And some want more than package tours. Zhang, the Beijing retiree who plans to try a self-guided tour next time, said: 鈥淭raveling makes me feel young again.鈥
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