China's silver economy sees rapid growth in H1, tax data shows

BEIJING -- China's silver economy has seen robust growth in the first half of this year, with related industries recording significant revenue increases, value-added tax invoice data released Wednesday by the State Taxation Administration revealed.

On the supply side, elderly care services expanded rapidly, with sales revenue in nursing services for the elderly and disabled, elderly-friendly home services, and elderly-friendly social care and assistance services growing by 40.9 percent, 14.1 percent, and 8.8 percent year-on-year, respectively.

The number of enterprises manufacturing products for the elderly increased by 14.1 percent year-on-year. Revenue from elderly-friendly fitness equipment, rehabilitation aids, and nutritional health food manufacturing rose by 14.7 percent, 12.1 percent, and 6.9 percent, respectively.

On the demand side, revenue from mobility and hearing assistance products, elderly nutrition and health products, and health monitoring equipment rose by 32.2 percent, 30.1 percent, and 7.5 percent year-on-year, respectively, in the first six months.

Notably, sales revenues for elderly travel services, sports and health services, and cultural entertainment activities increased by 26.2 percent, 23.9 percent, and 20.7 percent, respectively.

The data also showed an increasing integration of new information technologies in the silver industry, with elderly care enterprises raising their purchases of information technology services by 16.9 percent.

An official from the State Taxation Administration said the tax authority will continue to implement supportive tax policies to boost the silver economy and promote consumption upgrading.

According to the Ministry of Civil Affairs, China's elderly population is projected to grow by more than 10 million annually over the next decade. By 2035, the silver economy is expected to account for 9 percent of China's gross domestic product, up from 6 percent today.