Senior residents chat at a social welfare center in Changde city, Hunan province, China, June 20, 2023. (PHOTO / XINHUA)

BEIJING - China has recently released a guideline to strengthen the "silver" economy as part of efforts to address the challenges of an aging population.

The guideline, issued by the General Office of the State Council, specifies measures to expand, standardize, cultivate industrial clusters, and improve the branding of the silver economy.

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Prioritizing the well-being of its senior citizens, the country must improve food and health care services for the population and expedite the development of elderly care institutions, according to the guideline.

The guideline says the silver economy incorporates economic activities that cater to senior citizens with tailored products and services, and prepare for the challenges of an aging population

It anticipates the establishment of around ten industrial parks to develop the silver economy nationwide, urging efforts to cultivate industry leaders and stimulate senior citizen consumption.

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Efforts should also focus on nurturing new business models related to smart health and elderly care, as exemplified by the development of nursing and housekeeping robots, along with biotechnologies that help alleviate age-related illnesses, the guideline says.

Financial institutions are encouraged to launch more products for senior citizens and increase support for developing elderly care facilities and programs.

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The guideline says the silver economy incorporates economic activities that cater to senior citizens with tailored products and services, and prepare for the challenges of an aging population.