12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 APRIL 2024 SILVER ECONOMY In January, Beijing has released official guidelines to strengthen the so-called “silver economy” as part of the concerted efforts to tackle the challenges of an aging population. The “silver economy” refers to a collection CHINA’S AGEING POPULATION SET TO INCREASE OPPORTUNITIES FOR LEGAL WORK 中国“银发经济” 促生全新法律服务需求 of economic activities that offer products and services tailored to the needs of the elderly population and aim to support them during the aging process. Spearheaded by the State Council, the guidelines detailed measures including establishing ten industrial parks to facilitate sectors cater for elderly citizens, improving food and healthcare services, expediting the development of elderly care institutions, and stimulating consumption by senior citizens. Indeed, healthrelated consumption, ranging from medical devices to pharmaceuticals, is estimated to account for the biggest share of spending among the older age group. Lawyers monitoring this development closely believe demand for legal services is set to rise in sectors propelled by the “silver economy” directives. “Notably, sectors like tourism, sports and recreation, elderly consumption, healthcare, financial services, and infrastructure development for the elderly are expected to unveil significant opportunities,” explains Charles Wu, a senior partner at Dacheng Law Offices in Shanghai. Proactive policy making might have injected strong momentum into these growth sectors, but admittedly China’s “silver economy” is still in its embryonic stage of development, which calls for a thorough understanding of the specific industry dynamics and financial intricacies to deliver tailored and effective legal advice. Lawyers believe that is one of the reasons legal services in this area will be of great demand. One of those industries is the real estate sector. Wu, who also sits on Dacheng’s China Region Board, tells ALB that he has been entrusted by a few insurance companies to acquire a stock of hotels, flats, and other properties and convert them into high-end nursing homes after age-appropriate renovation. Per the instructions from the government and state-owned enterprises, Dacheng has also been undertaking urban renewal projects in dilapidated communities in Shanghai. These communities usually accommodate a large population of elderly individuals, yet the deteriorating quality of buildings and housing conditions have rendered them unsuitable for habitation, according to Wu. China is grappling with an escalating demographic crisis. In 2023, the senior population has ballooned by 30 million in the world’s second-largest economy, taking the total size of the elderly class to 300 million – almost a fifth of the country’s population. This has led to a population decline in a country in desperate need of a robust labour force. But on the other side of the coin, some sectors are poised to see growing commercial opportunities in the wake of the demographic shifts. BY SARAH WONG 中国正面临着日益严峻的人口问题。2023年，中国新增老年人口约3000万人， 60岁及以上老年人口达到3亿人——几乎占据了全国人口的五分之一。这样的 情况对中国未来的稳健劳动人口数量构成威胁，但在硬币的另一面，人口变化 却给另一些产业带来了发展新机遇。 作者：黄婉君
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