Chinese society is aging rapidly with the largest population scale and the fastest pace worldwide.
Chinese society is aging rapidly with the largest population scale and the fastest pace worldwide. Official data from the National Bureau of Statistics shows that China is home to 249 million seniors above the age of 60, and the senior population is expected to reach 400 million by the end of 2030. According to the White Paper on China’s Elder Care Industry, released by the Chinese Academy of Social Sciences, the market size of China’s elder care industry is expected to reach 13 trillion yuan (US$1.89t) by 2030. Over the years, the high operating costs of elder care institutions and the lack of support policies have hindered the healthy growth of the sector. The government needs to abolish the license permit for elder care institutions and open the market, strengthen staff training and increase the pensions of retirees in order to incentivize the sector.