Caring for Seniors

China is capable of dealing with an aging population by providing more affordable and high-quality elderly care services and products, an official said on October 8.

As the outcome of economic and social advancement, population aging is an irreversible trend and a crucial issue facing many countries, said Ou Xiaoli from the National Development and Reform Commission.

By the end of 2018, people aged 60 or above exceeded 249 million in China, accounting for 17.9 percent of the total population.

Official estimates show the number is expected to peak at 487 million by 2050, or over a third of the total population.

Despite the challenges to labor force supply and economic growth, China remains confident about addressing the issue thanks to its sound economic fundamentals and human capital advantages, Ou said.

A slew of measures have been taken to boost the senior care industry including a special action plan this year to provide inclusive elderly care services for urban citizens at all income levels.

The plan is aimed at offering convenient, accessible and affordable services through providing enterprises with more policy and financial support since their motivation to invest in this sector remains low due to high costs, long return cycles and low profits, Ou said.

Through the plan, the Central Government grants subsidies to elderly care programs while local governments provide enterprises in the industry with incentives in land, fiscal, taxation and recruitment policies.

Some 64 cities have participated in the plan, which has received 1.4 billion yuan ($198 million) of central budgetary investment and has offered 70,000 new beds for senior citizens.

Wallstreetjournal