'Silver economy' shows promising potential

Volunteers celebrate the Chongyang (Double Ninth) Festival at a community in Luoyang, Henan province, on Oct 10.The Chongyang Festival is dedicated to paying respect for the elderly. (HUANG ZHENGWEI/FOR CHINA DAILY)

When a 78-year-old quantum physics professor goes viral "dissecting "Schroedinger's cat on short-video platform Douyin, when silver-haired models from Hangzhou, Zhejiang province, strut defiantly at Paris Fashion Week, and when musicians with an average age of around 70 ignite standing ovations on stages overseas, it is further evidence that China's "silver economy" is rewriting the rules of aging.

Far from a niche market for retirement homes and stairlifts, this $4 trillion revolution has become a cultural reckoning — one where pensioners aren't just spending money, but creating whole new markets that are likely to be a greater force in the economy.

The reason is quite simple: the elderly are transitioning from fulfilling basic needs to seeking avenues for personal growth, according to political advisers to this year's two sessions, the annual gatherings of the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference.

From ensuring quality elderly care to embracing smart aging, from promoting silver-haired cultural tourism to developing age-appropriate technology and silver economy finance, this "aging revolution" covering all facets of life, health and leisure is reshaping the landscape of economic growth and societal values, they said.

The term silver economy — a cross-section of the economy consisting of the over 60s, especially the retirees — was popular during the two sessions. As of the end of last year, China's population included 310 million individuals aged 60 and above, with 220 million aged 65 and older, representing 22 percent and 15.6 percent of the total population, respectively, according to data from the National Bureau of Statistics.

Jin Li, vice-president of the Southern University of Science and Technology and a member of the 14th National Committee of the CPPCC — the country's top political advisory body — said that by 2035, the market size of China's silver economy could potentially reach 30 trillion yuan ($4 trillion), injecting momentum into China's economic landscape.

He highlighted that the needs of China's aging population are evolving from mere survival necessities to a focus on personal growth.

"This shift encompasses not only essentials like clothing, food, shelter and transportation but also services for healthcare and elderly care, as well as emerging desires for leisure, entertainment and exploration. The silver economy offers extensive opportunities on both the supply and demand fronts," Jin said.