(Policy Address 2024) Govt to boost silver economy with new products and services

The Hong Kong leader said on Wednesday that the government will set up a working group on promoting the silver economy, developing new products and services to meet the needs of the elderly and generating business opportunities.

Lee stated that the working group promoting the silver economy will be led by the Deputy Chief Secretary for Administration, and will implement measures in five areas. 

The group will work with all sectors to foster elderly-friendly consumption, and encourage incorporation of silver economy elements into their business such as offering discounts to the elderly.

To support product provision and market expansion by the business sector, the group will promote marketization and industrialisation of products catering to the elderly by consolidating funding resources

Meanwhile, it will promote the certification of products catering to the elderly to enhance their recognition and appeal. Standards adopted will be aligned with those of the Mainland and overseas to facilitate sales network expansion. 

Lee also noted that the group will assist the elderly in making proper financial arrangements and strengthening their financial security. 

Relevant measures include promoting retirement financial planning products offered by the Hong Kong Mortgage Corporation Limited, and providing investor education for the elderly. 

Additionally, the group will aim to unleash the productivity of the elderly through retraining, re-employment and other measures.