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BackPaul Chan: The size of Hong Kong’s silver economy will increase from HK$340 billion to nearly HK$500 billion
Paul Chan: The size of Hong Kong’s silver economy will increase from HK$340 billion to nearly HK$500 billion
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中国新闻网47 minutes agoBusiness2 min readChinaView original

Paul Chan: The size of Hong Kong’s silver economy will increase from HK$340 billion to nearly HK$500 billion

Silver economySenior consumptionartificial intelligence

Quick Look

  • Financial Secretary Paul Chan Mo-po of the Hong Kong SAR government said that the consumer spending of people aged 60 and above in Hong Kong is expected to increase from approximately HK$340 billion in 2024 to nearly HK$500 billion in 2034.
  • He pointed out that the development of the silver economy is not only about increasing products and services, but also about providing better life choices for the elderly with different abilities and needs, and emphasized the role of technology, cross-border services and innovation and technology ecology in promoting innovation in elderly care services.

AI-generated summary

Why It Matters

The aging of Hong Kong's population is intensifying, and the proportion of the population aged 65 and above is expected to increase from the current level to 36% in 2046. The SAR government is promoting the development of the silver economy to cope with the challenges of aging and seize industry opportunities.

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China News Service, Hong Kong, September 15. "It is estimated that the consumer spending of people aged 60 and above in Hong Kong will increase from about HK$340 billion in 2024 to nearly HK$500 billion in 2034. The development of the silver economy not only increases products and services, but also allows elders with different abilities and needs to have better life choices."

The Financial Secretary of the Hong Kong SAR Government, Paul Chan, made the above remarks when attending the 30th Anniversary "Smart Elderly Care and Safe Life" Forum of the Hong Kong Elderly Housing Association on the 14th.

"In 2046, Hong Kong's elderly population aged 65 and above is expected to account for 36% of the total population; the proportion of households with only elderly residents will also rise to close to one-third." Paul Chan pointed out that today's technology is developing rapidly, especially artificial intelligence, which is empowering innovative applications in elderly services such as medical diagnosis, rehabilitation training, daily care, and social companionship. Although robots still need to cross thresholds such as cost, safety, reliability and privacy protection to enter ordinary homes, the direction of using technology to further improve care efficiency and reduce the burden on caregivers is very clear.

Paul Chan continued to point out that Hong Kong has world-class life and health scientific research capabilities and is actively building an international medical innovation hub; it has a thriving innovation and technology ecosystem where funds, talents and start-ups gather, and it also has a market with high requirements for quality of life and service levels. The key is to connect these advantages and promote the transformation of scientific research results into practical and sustainable services. Hong Kong’s experience can also provide reference for other cities.

Paul Chan Mo-po said that cross-border elderly care services bring new development space to the silver economy. As the lifestyle choices of the elderly extend to mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area, there are new demands for referral of care services, sharing of health information and cross-border connection of support arrangements. If a safe, reliable, and smoothly connected service model can be established, there will be opportunities to replicate and promote the model to benefit more elderly people. He said that this may be a blue ocean worth exploring. (over)

What to Watch

AI outlook — possibilities, not facts

  • The consumer spending of people aged 60 and above in Hong Kong will reach nearly HK$500 billion in 2034

    Likely · Within years

  • The cross-border elderly care service model will be promoted and replicated in mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area

    Possible · Within years

Open Questions

  • What specific policies and measures will be introduced to support the development of the silver economy?
  • When can the regulatory framework and standards for cross-border elderly care service models be established?
  • How much funding and policy support can start-ups receive in the field of silver technology?

Related Topics

Silver economy
PeopleChen Maobo
OrganizationsHong Kong SAR GovernmentHong Kong Elderly Housing Association
PlacesHong KongGuangdong-Hong Kong-Macao Greater Bay Area
TopicsSenior consumptionartificial intelligenceCross-border elderly careGuangdong-Hong Kong-Macao Greater Bay AreaInnovation and Technology EcosystemLife and health
This article was originally published by 中国新闻网.

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