Economy of the aged seen as having a lining of silver and gold

A Chinese political adviser has called for more support to boost what has been called the silver economy to benefit the aged and to unleash their consumption potential.

Zhang Chunsheng, a member of the National Committee of the Chinese People's Political Consultative Conference and former vice-minister of civil affairs, said during the two sessions in Beijing on Friday that governments at all levels have looked at developing the silver economy in recent years, delivering some good results, but more government and society support is still required to improve market supply and increase spending as they relate to the aged.

The aged should be offered higher-quality goods and services based on their specific needs, he said, and a clutch of companies related to the silver economy should be incubated.

The government can do more so that the market in goods and services for the aged works more closely with industries including healthcare, tourism, education and leisure, resulting in more diverse offerings, he said.

Incomes of aged people need be increased by raising pensions and these people should be encouraged to take part in social activities, thus increasing the options available to them and their consumer confidence, Zhang said.

Improving the long-care system and the private pension system and developing pension-related financial products are also important if the silver economy is to be revitalized, he said.

The government can better regulate the market to ensure the aged enjoy a secure consumption environment, he said, and he called for more to be done to prevent and detect illegal behavior by companies and individuals that targets the aged.