Latest news with #silverEconomy
CNA
3 days ago
- Business
- CNA
Singapore's Perennial among those seeking to bank on China's silver economy
As China seeks to quickly address the fast-growing healthcare needs of its ageing population, this has presented opportunities for the private sector and foreign investors. Singapore real estate and healthcare firm Perennial Holdings has opened the first private tertiary general hospital in China to be wholly owned by a foreign company. Perennial also has a 3.5 million square feet site, about the size of 40 football fields, which combines eldercare facilities, hotels and a medical cluster. China's silver economy is touted to exceed US$4 trillion by 2035. Lauren Ong reports.
South China Morning Post
3 days ago
- Business
- South China Morning Post
Hong Kong businesses, social groups create platform to plan for ‘silver economy'
Hong Kong businesses, social groups, a major bank and a think tank have jointly set up a platform to devise initiatives to make the city more elderly-friendly through the nurturing of a 'silver economy'. Advertisement The Alliance of Silver Economy Development was launched on Tuesday and aims to encourage collaboration between companies and social organisations. Alliance convenor and lawmaker Chan Hok-fung said local stakeholders had yet to come together to align and implement silver economy strategies, with the new platform aiming to connect all the sectors involved. 'Working with organisations such as Our Hong Kong Foundation, which focuses on research, while the alliance helps unite different stakeholders and initiate concrete and on-the-ground actions, could help push the silver economy,' he said after signing a collaboration memorandum with the foundation. The alliance features representatives from various sectors, such as the Bank of China (Hong Kong), the Hong Kong Council of Social Service, the Hong Kong Federation of Restaurants and Related Trades, the Our Hong Kong Foundation think tank and several lawmakers. Advertisement Government data showed the spending of people aged 60 and above reached HK$342 billion (US$43.6 billion) in 2024, accounting for 11 per cent of the city's gross domestic product, with the figure expected to rise. Ryan Ip Man-ki, vice-president of Our Hong Kong Foundation's Public Policy Institute, said the think tank expected more aggressive growth than the government's prediction that such spending would reach HK$496 billion in 2034.
South China Morning Post
6 days ago
- Health
- South China Morning Post
Silver economy far from enough for rapidly ageing Hong Kong
By 2046, an estimated 36 per cent of Hong Kong's population will be over 65 . The Hong Kong government has announced 30 measures to promote the silver economy . While targeting the consumption power of the elderly may provide a much-needed boost to the economy, it is far from a solution to the mounting challenges posed by our rapidly ageing society. Advertisement As a carer for two wheelchair-bound parents, I face daily struggles that underscore the urgent need for a more comprehensive approach to ageing. These struggles are not unique to me but reflect systemic gaps that demand immediate attention. Other cities and countries have tackled these issues with foresight and innovation, and Hong Kong has much to learn from their successes. Hong Kong is far from being a wheelchair-friendly city . Stairways, kerbs and narrow pathways make navigating urban spaces a daily ordeal for those with mobility challenges and their carers. Singapore, by contrast, was recognised as one of 10 most accessible cities in the world in a 2022 travel survey. Compared to Hong Kong's barrier-free access manual, Singapore's barrier-free accessibility code seems to place a stronger emphasis on universal design principles, seamless connectivity between indoor and outdoor spaces, and the incorporation of assistive technologies as part of its smart city initiatives. In Hong Kong, the health system also poses significant barriers. Elderly people often require regular medical appointments for chronic conditions, but they face a stark choice between expensive private care and long waits for public services. Outside regular clinic hours, the only option for most people is the overcrowded accident and emergency departments of public hospitals. Elderly patients at the Accident and Emergency Department of Queen Elizabeth Hospital in Yau Ma Tei during a flu alert on January 11. Photo: Nora Tam Hong Kong needs to embrace teleconsultations at scale to improve healthcare accessibility. In Asia, Singapore has mainstreamed telehealth in both public and private healthcare systems.
South China Morning Post
08-06-2025
- Business
- South China Morning Post
Spark Deep Dive: Developing Hong Kong's ‘silver economy'
Deep Dive delves into hot issues in Hong Kong and mainland China. Our easy-to-read articles provide context to grasp what's happening, while our questions help you craft informed responses. Check sample answers at the end of the page. News: Hong Kong's plan to tap into the silver economy People aged 65 and over will make up more than a third of the population by 2043 Authorities have set up a task force to boost elderly spending and encourage them to work Hong Kong authorities have announced a wide range of measures to tap into the multibillion-dollar silver economy. These include steps to boost spending and develop tailor-made products for the elderly. They also want to strengthen insurance protections to encourage older residents to re-enter the job market. Deputy Chief Secretary Warner Cheuk Wing-hing is the leader of a new working group aimed at harnessing the economic benefits of the city's ageing population. 'The amount of spending by people aged 60 and above reached about HK$342 billion in 2024, about 11 per cent of the city's GDP. Economic advisers estimate the figure will reach HK$496 billion by 2034,' he said. 'The elderly make up a large proportion of Hong Kong's population and have certain economic conditions and purchasing power. They are a huge consumer group that cannot be ignored, and they create a huge demand for products and services related to the silver economy.' He said the plan could boost Hong Kong's economy and drive overall economic development. Promoting high-quality 'silver products' and services could also help the elderly enjoy the results of Hong Kong's development. Cheuk said the measures would cover spending by the elderly and developing the 'silver industry' and related financial products. They would also take steps to welcome residents aged 50 and above back into the labour market. Older people in Hong Kong, with their savings, greater awareness of quality of life and willingness to spend on themselves, are increasingly recognised as an emerging consumer market. According to official estimates, people aged 65 and over will make up more than a third of the population by 2043. The government will promote products targeting the elderly at major exhibitions. Restaurants would also be encouraged to offer discounts and special meals for senior citizens in the third quarter of the year. Authorities will encourage the elderly to rejoin the job market by launching dedicated retraining courses. They will also review cash and award incentives for older workers and the companies that hire them. Lawmaker Frankie Ngan Man-yu welcomed the government's efforts but urged authorities to repurpose some job centres to focus on elderly employment. Ngan said Hong Kong's labour force participation rate for people aged 55 to 64 was estimated at 58.6 per cent. This is lower than that of other advanced economies. Staff writers Question prompts 1. According to the news, which of the following statements are true? (1) The Hong Kong government plans to develop specialised products and strengthen insurance protection to support the elderly. (2) The amount of spending by people aged 60 and above accounted for about 11 per cent of Hong Kong's GDP in 2024. (3) The silver economy plan does not include measures to encourage elderly residents to rejoin the workforce. (4) Dedicated retraining courses and incentive reviews are part of the government's strategy to help older residents re-enter the job market. A. (1), (2) only B. (2), (4) only C. (1), (3) only D. (3), (4) only 2. List TWO reasons why the ageing population in Hong Kong is being recognised as an emerging consumer market. 3. To what extent do you agree these new measures could help senior citizens re-enter the job market? Explain using the news, glossary and your own knowledge. Photo People shop on the last day of the Hong Kong Brands and Products Expo in Causeway Bay on January 6, 2025. Photo: Sam Tsang 1. What is being shown in the photo? How does it relate to the information presented in the news? 2. Do you think the government's measures to encourage elderly spending will be effective? Why or why not? Explain using the news, glossary and your own knowledge. Glossary silver economy: economic activities, products and services designed to meet the needs of older people. According to estimates by the Hong Kong government, by 2043, people aged 65 and over would make up more than a third of the city's population, meaning there is great potential to make money by catering to this market. GDP: stands for gross domestic product. It measures the monetary value of final goods and services produced within a country or territory during a specified period. purchasing power: the ability of individuals to buy goods and services with their income. Sample answers News 1. B 2. Older people in Hong Kong have substantial savings and purchasing power, with those aged 60 and above spending HK$342 billion in 2024. They also have a greater awareness of quality of life and a willingness to spend money on themselves. (accept all reasonable answers) 3. The new measures could significantly help senior citizens re-enter the job market; however, their effectiveness will depend on their implementation. According to the news, the government plans to launch retraining courses and review incentives for older workers and companies that hire them. These steps directly address skill gaps and motivate both seniors and employers. Ageism and outdated skill sets are common obstacles that older job seekers face. Suppose the retraining programmes are aligned with market needs, for example. In that case, digital literacy, part-time or flexible roles, and public attitudes shifting to value older workers' experience could have a meaningful impact. However, without proper follow-through, some initiatives might not achieve their full potential. (accept all reasonable answers) Photo 1. The photo shows elderly Hongkongers shopping for products, which relates to the information in the news about the government's plans to encourage spending by this age group. 2. Introducing new products and services for the elderly may be an effective way to encourage them to spend. However, the simple fact is that many of them may not have money to spend in the first place. Hong Kong aims to encourage more seniors to return to the workforce, which would give them more disposable income, but it will need to address issues such as poor health and outdated skills. Retraining programmes could help some elderly Hongkongers gain new skills, but it remains to be seen whether these programmes will be effective. There are also other issues to address, such as workplace ageism. While the government is off to a strong start, continued evaluation and expansion of support systems are needed to ensure real, long-term improvements in elderly employment. (accept all reasonable answers)
South China Morning Post
07-06-2025
- Business
- South China Morning Post
Get elderly housing right and Hong Kong's silver economy can take off
Hong Kong's Deputy Chief Secretary Warner Cheuk Wing-hing has announced dozens of measures to promote the 'silver economy' and address the needs of the city's ageing population. These cover five main areas : boosting consumption, developing tailor-made products, promoting quality assurance of 'silver' products, strengthening financial and insurance protection, and encouraging older residents to re-enter the job market. These are all good intentions, but it also begs the question: where is the infrastructure needed to support the measures? An important part of this is suitable housing and a community that encourages ageing Hongkongers to live well and be productive for as long as they would like to be. In 2015, the Housing Society built The Tanner Hill development for aged living, offering world-class facilities. The flats are well-designed, with clever use of compact space, and come with safety measures like grab bars and anti-slip bathroom mats, plus access to user-supported cooking facilities. The premises include clinics offering both Western and Chinese medicines, a library, restaurant, swimming pool, gym and access to services like banking, plus seats in the common lifts. It would be a no-brainer to house outlets there to offer 'silver products' to this exclusive community. But what about those of less modest means? Perhaps we can consider a hybrid living model. Hong Kong could design such a housing estate in three parts. One section of flats could be fitted out with facilities aimed at independent living for senior residents. This would cater to those who want their privacy while maintaining access to medical support, including silver products and services as needed. NGOs could help.
