Embracing the 'silver economy' with public private partnership

The Chinese society is aging at an unprecedented rate. The number of people aged 60 or above reached more than 220 million at the end of 2015, accounting for close to 16 percent of the country's population. The figure is expected to increase to 25 percent by 2030. The elderly population is expected to grow to 500 million, larger than the entire population of the United States, by 2050.

These drastic demographic changes are driven by the declining fertility rate because of the one-child policy and changing social values toward child-bearing, as well as the rising longevity as a result of the general improvement in living standards. The impact of aging on the social service system is profoundly significant.

Unlike Japan, South Korea and other developed countries which were rich enough before the aging of their populations, China is not there yet. China's problem is compounded by the vast regional disparity in household income and the urban-rural divide.