(Yicai) March 24 -- While China’s rapidly aging population poses challenges for the economy, it also presents unique opportunities for growth, the deputy minister of Civil Affairs said at the China Development Forum 2025 yesterday.

China is already one of the countries in the world with a significantly high level of senior citizens and has entered the stage of moderate aging, said Tang Chengpei. Not only does China have the largest elderly population, bigger than the entire population of most countries, it also has the fastest-growing aging population.

By the end of last year, the number of people aged 60 and above had reached 310 million, making up 22 percent of the whole population, Tang said. Of these, 220 million were 65 and older, representing 15.6 percent of the total population.

And the number of 60-plus year-olds is expected to increase by more than 10 million people a year over the next decade, to surpass 400 million by 2035. This figure is likely to top 500 million by 2050, according to official data.

There is no international precedent for this rapid growth in old-aged people for China to draw upon, Tang said.

However, on the upside, as China’s aging population will remain relatively young, ie. under the age of 65, for the next 10 years, there will be a critical ‘window of opportunity,’ allowing China to better manage the transition, Tang said.

As of the end of last year, there were about 90 million ‘young’ senior citizens aged between 60 to 65. As people born during the last baby boom leave the workforce, this demographic will remain sizable for the next decade.

These ‘young’ old people tend to have strong personal savings, better social security coverage and a strong desire to consume, which could unlock a new 'silver-haired talent dividend,' Tang said. By 2035, the silver economy is expected to account for 9 percent of China’s gross domestic product, up from the current 6 percent.

The government plans to boost senior citizens’ spending power by increasing their income levels through measures such as expanding pension finance systems and developing human resources for the elderly, Tang said. This includes implementing personal pension schemes and accelerating the establishment of long-term care insurance.

The government will prioritize care for senior citizens with disabilities, Tang said. It plans to build a three-tiered elderly care service network at the county, town and village levels, so as to provide a basic and inclusive healthcare safety net to meet the diverse needs of the aging population.

Editor: Kim Taylor