Zhejiang unveils plan to boost silver economy

A resident dines at a nursing home in Hangzhou, East China's Zhejiang province. [Photo provided to chinadaily.com.cn]

East China's Zhejiang province has rolled out its guidelines on developing the silver economy to enhance senior welfare, aiming to address the rising needs of its aging population.

The guidelines include 24 key measures across five major areas, emphasizing the expansion of senior care services, including dining support, home adaptations, health services, and recreational activities.

Efforts to improve the quality of life for older adults go beyond basic needs, recognizing the growing desire for enriched cultural and social experiences.

The silver economy spans diverse sectors, boasting a long value chain and enormous growth potential. From healthcare and smart home solutions to leisure and financial services, the market offers substantial opportunities for innovation.

The China Research Center on Aging forecasts that the sector could expand from its current value of 7 trillion yuan ($965 billion) to 30 trillion yuan by 2035.

By 2027, Zhejiang aims for full coverage of public senior activity centers and senior schools, encouraging universities and vocational colleges to offer senior education programs.

Talent development is also a focal point, with plans to introduce gerontology programs in higher education and create specialized training for eldercare professionals.

The initiative highlights fostering competitive industries, brands, and major projects within the silver economy. To cater to older tourists, it proposes thematic travel products such as nostalgia tours, wellness retreats, and family-oriented packages.