Development of new markets to cater to growing silver economy

With over 20 percent of the nation's population over the age of 60, China is seeking to capitalize on consumption in the "silver economy" by opening up new markets to cater to their needs and contribute to economic growth.

Chen Yanming, 59, a semiretired man from Huangshan, Anhui province, will gradually phase out work in the next few years. In his increasing spare time, he's started cycling, a pursuit that takes up a few hours at weekends and on which he has so far spent nearly 10,000 yuan ($1,400) on related equipment and accessories.

"Many of my peers spend money on their hobbies or leisure, like tourism or dance classes. I think people over 50, like me, have gradually changed our view of life," said Chen. "I used to live a very plain life and kept the idea of saving money in my mind, but I gained little sense of happiness. My daughter persuaded me to do something I like without concern for money, as long as it's within reach."

The central government has tried to develop the silver economy in recent years with the aim of tackling the aging problem in a positive way and incubating new economic growth points, and also bettering people's livelihoods and life quality.

The 2025 Government Work Report stressed the importance and necessity of improving supportive policies for elderly care services and the development of the silver economy. A recent guideline released by the State Council in January focuses on bettering elderly care services and mentions the nation's plan to develop the silver economy.

"The silver economy has a very promising future," Liu Ming, an official from the National Development and Reform Commission, said at a recent news conference. "The nation has an increasing community of elderly people who have needs for suitable products and services, and also the willpower to consume. The elderly, especially those born after 1960, have stronger desires and ability for consumption, and their consumption views and preferences have gradually overlapped with younger people, who consume to please themselves."

He said the commission has channeled efforts to encourage local authorities and companies to innovate and develop products catering to the needs of seniors, and to release supportive financial guidelines to secure the high-quality development of the silver economy.

A report by the China Association of Social Welfare and Senior Service and the Contemporary Social Service Research Institute in December, said the silver economy accounted for 7 trillion yuan ($965 billion), roughly 6 percent of the nation's GDP. The number will reach 30 trillion yuan by 2035 and account for up to 10 percent of the GDP, the report said.

"Chinese elderly people have transferred their focus from basic living to self-development. They have needs not only for food, clothes and housing, but healthcare, leisure and entertainment," said Jin Li, a member of the National Committee of the Chinese People's Political Consultative Conference and vice-president of the Southern University of Science and Technology in Guangdong, in an interview at the two sessions in March.

He noted the growing population of elderly people who are 60 or 70 and still full of energy leading active lifestyles.

"When we talk about the silver economy, we are probing into the issue showing the human touch of a civilization. The question of how to get old in an elegant way requires the satisfaction of physical needs and also spiritual nourishment," he said.