Guangdong unveils plan to boost silver economy, enhancing well-being of elderly

Guangdong province released a comprehensive plan to promote the high-quality development of the silver economy on March 13, whichrefers to theproduction, distribution, and consumption of goods and services aimed at meeting the needs of older and aging populations and improve elderly well-being by 2027.

The plan outlines systematic strategies to develop the silver economy through enhanced public services, market expansion, and industrial innovation. By 2027, Guangdong aims to achieve full coverage of county-level elderly universities across the province.

Comprehensive support for elderly well-being

The plan focuses on improving the quality of life for the elderly by implementing geriatric-friendly modifications in households and communities through government subsidies, to cater to the needs of elderly individuals with special difficulties.

Besides, the plan also calls for the construction of regional elderly care centers in towns and streets, which will provide full-time care, daycare, home visits, and coordination services. The development of community-based elderly care services, including online platforms and convenience centers, is also encouraged, to enhance accessibility.

Expanding the silver economy market

The plan identifies the silver economy as a significant opportunity for both social welfare and economic growth. It proposes attracting central state-owned enterprises, foreign companies, and high-quality businesses from other regions to expand the silver economy market. The plan also calls for the development of industry standards and statistical indicators to better define and regulate the silver economy.

To boost consumption, the plan includes initiatives such as incorporating elderly products and services into consumer promotion policies. It encourages local governments to issue consumption vouchers and experience coupons to stimulate demand. Additionally, the plan supports the organization of trade fairs and exhibitions focused on elderly products and services, both domestically and internationally.

Integration within the GBA

The integration of the silver economy within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is emphasized by the plan to leverage the region's collaborative potential. It proposes the development of elderly care services in international cruise ports, making facilities more accessible for elderly tourists.

Leveraging its robust manufacturing base and export capabilities, Guangdong aims to become a leading hub for the silver economy. The province plans to develop high-level silver economy industrial parks in the GBA, focusing on smart elderly care, anti-aging products, and rehabilitation equipment. These parks will serve as innovation centers for the development of high-quality elderly care products and services.

The plan also supports the expansion of cross-border elderly care services, including the implementation of pilot programs such as Hong Kong and Macao Medical Device Access and Elderly Medical Vouchers in the GBA. These initiatives aim to create a seamless elderly care ecosystem across the region, enhancing the quality of life for seniors and promoting economic growth through innovative silver economy industries.