business

China’s elderly care market boosts rapid industrial development

A worker at a nursing home helps a senior woman with finger disabilities receive rehabilitation training in Nantong, east China’s Jiangsu province. (Photo by Xu Congjun/People’s Daily Online)

The value of China’s elderly care market was roughly 4.6 trillion yuan (about 701 billion dollars) in 2018 and is expected to reach 9.8 trillion yuan in 2021, according to a recent report.

Industrial data shows that as of November 25, there have been 43,000 newly-added enterprises related to elderly care services in China this year, an increase of 7.5 percent over the same period last year.

The report released by the Chinese Academy of Social Sciences indicates that the value of China’s senior industry is expected to reach 13 trillion yuan by 2030.

By the end of 2019, the number of people aged 60 and above in China reached 254 million, accounting for 18.1 percent of the total population, according to the National Bureau of Statistics.

“At present, China’s elderly care service industry is still in the period of enterprises seeking to gain market shares. Over the past few years, elderly care service institutions have developed rapidly in terms of quantity and size expansion,” said Dong Dengxin, director of the Financial Securities Institute of Wuhan University of Science and Technology.

“However, the quality of elderly care services, the construction of elderly care service infrastructure and the allocation of professionals still need to be improved,” Dong added.

Dong believes that at present, elderly-care services can be developed into a very large sunrise industry highly correlating with other industries, which will promote the common development of upstream and downstream related industries.

“The elderly care service industry has great prospects in promoting industrial transformation and upgrading, expanding domestic demand and stimulating consumption, especially in expanding employment space,” Dong pointed out. 

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