Silver economy worth 30tn yuan

China's top economic planner called for further development of the so-called silver economy to cater to the needs of a rapidly aging population.

The National Development and Reform Commission said the diversified and personalized needs of the elderly have not been effectively met, although there are basic services ranging from catering to care.

This came after China's State Council rolled out a 26-point outline for the silver economy estimated to be worth trillions of dollars.

Companies will be encouraged to tailor consumer products like clothes, vehicles and food to the specific needs of elderly people, the paper said.

Smart devices and virtual reality are expected to fill labor shortages and improve the quality of elder care, it added.

The silver economy will be worth an estimated 30 trillion yuan (HK$33.4 trillion) in the next decade - accounting for 10 percent of China's overall total by 2035 - the Beijing News reported, citing figures from a think tank.

Local governments will be able to issue special bonds to support the silver economy, while banks are encouraged to extend credit to care facilities and businesses dedicated to improving the lives of senior citizens, the outline said.