On July 12th, the Silver industry Research Team of Beijing Guohong Public Governance and Policy Research Institute released its China Silver Industry Development Report Q2 2016 in Beijing. It is pointed out in the report that the Chinese silver industry is breaking through the traditional model of family-supported elderly care and expects to see great opportunities for its development.  

This silver industry analysis report consists of 3 sections: understanding the latest policies for the silver industry, introduction to the leading theories in the silver industry and analysis of typical cases in the silver industry. The report is based on the discussions regarding elderly care issues in China among the experts and scholars from the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Civil Affairs and other academic institutions. According to the Silver industry Research Team of Beijing Guohong Public Governance and Policy Research Institute, this report will be released regularly to provide insights for the enterprises in the silver industry to seize the opportunity earlier in the acute market competition and adjust operation strategy according to the market demand in a timely manner, and to provide systemized references of policies, theories and solid evidences for relevant departments to work out strategic plans and develop policy studies.

With the economic growth and social progress, people are living in various ways, and the percentage of the people aged 65 year and above in the total population in China is higher than the average level in the world. Attention of the world is attracted by the huge economic benefits generated in the silver industry. Facing the status quo of the aging population, the Chinese silver industry is breaking through the traditional model of family-supported elderly care and creating a new situation where family-based elderly care, community-based elderly care and market-based elderly care co-exists. Some new models of elderly care also occur, such as elderly care away from hometown, elderly care with funds from sale of property, “migrant bird style” elderly care and eco-elderly care.

Professor Hu Zhanjun from Beijing Wuzi University, one of the experts in the research team, thinks that the silver industry has the characteristics of a long industry chain and wide area coverage and can drive the industries in both upper stream and lower stream. CHC Capital and Xingda Real Estate suggest the model for the financial and innovative service industry to engage in elderly care services. Dr. Jing Chaoyang, a researcher of the International Cooperation Center of National Development and Reform Commission, thinks that elderly care should include elderly care undertakings and elderly care industry. The elderly care undertakings are guided by the government to ensure basic elderly care services, while the elderly care industry may be diversified to meet personal needs. Professor Wang Zaiwen from the Training Center of National Development and Reform Commission suggests that the elderly care industry may be innovated through different models to serve the public with reference to international experiences. Du Yuqi, Deputy Director of the Marketing Department of the Information Center & Training Center of the Ministry of Industry and Information Technology, proposes to explore the way adopted by UK in strengthening its smart elderly care. Wang Jingbiao, Chairman of the Labor Union of the Bureau of Civil Affairs of Xicheng District in Beijing, thinks that a relevant evaluation system should be integrated in the elderly care services purchased by the government for the purpose of improving the performance of public services.  

Du Yuqi, Deputy Director of the Marketing Department of the Information Center & Training Center of the Ministry of Industry and Information Technology, thinks that the current silver industry .

Dr. Jing Chaoyang, a researcher of the International Cooperation Center of National Development and Reform Commission, deems that elderly care should include elderly care undertakings and elderly care industry. The elderly care undertakings are guided by the government to ensure basic elderly care services, while the elderly care industry may be developed in multiple ways to meet personal needs.

As the level of aging in Chinese society is increasing, there will be huge room for development of the silver industry. Zeng Yi, Director of the Center for Healthy Aging and Development Studies (“CHADS”) of Peking University, once estimated that the aging population in China would far exceed that of the US by around 2035. The population of the elderly people aged above 65 years will reach around 360 million by 2050, accounting for 25.6% of the total population, as compared to 8.9% in 2010.

Facing the current situation of aging, the Chinese silver industry is breaking through the traditional model of family-supported elderly care and creating a new situation where family-based elderly care, community-based elderly care and market-based elderly care co-exists. Some new models of elderly care also occur, such as elderly care away from hometown, elderly care with funds from sale of property, “migrant bird style” elderly care and eco-elderly care. It is mentioned in the research report published by Guotai Junan Securities that the silver industry in China will have the space for a 5-trillion RMB market by 2020.

China Silver Industry Development Report Q2 2016 is released by the Silver industry Research Team of Beijing Guohong Public Governance and Policy Research Institute. The report summarizes the policies for development of the silver industry in each month of the 2nd quarter and the industry-related research achievements. Professor Hu Zhanjun from Beijing Wuzi University, who is also one of the experts in the research team, said at the meeting that the silver industry has a long industry chain and wide area coverage as its characteristics and can drive the industries in both upper stream and lower stream. For this reason, the report will be published on a regular basis in the future to provide insights for the enterprises in the silver industry to seize the opportunity earlier in the market competition and provide references for the development of policy studies.