Chengdu, China – As the population born in the 1960s enters old age, this group exhibits traits of youthfulness and vitality, driving the elderly consumption market from a “survival” model to a “development” model. To scientifically measure the development level of the silver economy, the Xinhua Index Research Institute launched the “China Urban Silver Economy Development Index” on October 29 in Chengdu. The aim is to provide a “standard measure” and “guiding indicator” for the development of the silver economy nationwide through a multi-dimensional and quantifiable evaluation model.
The “China Urban Silver Economy Development Index” is based on both supply and demand, focusing on the “R&D—Production—Consumption—Supporting” ecosystem of the silver industry. It concentrates on four layers: foundation, industry, environment, and radiation, constructing a comprehensive evaluation system from five dimensions: demand potential, supply level, industrial synergy, environmental support, and value creation. The system includes 15 secondary indicators and 65 tertiary indicators, covering all aspects of the silver economy industry chain.
In terms of indicator weight design, industrial synergy has the highest proportion (28%), highlighting its core position in the development of the silver economy. Demand potential, supply level, environmental support, and value creation account for 17%, 26%, 14%, and 15%, respectively. For sample selection, the index covers 10 representative cities, including Beijing, Shanghai, Chengdu, Wuhan, and Harbin, spanning the four major economic geographic regions: East, Central, West, and Northeast. Based on different development stages, these cities are classified into three categories: “Balanced Development,” “Regional Center,” and “Specialized Practice,” ensuring the comprehensiveness and representativeness of the evaluation and better reflecting the differentiated characteristics of different regions and types of cities in silver economy development.
The image shows the release event of the “China Urban Silver Economy Development Index” (Photo credit: Xinhua Index Research Institute).
In January 2024, the General Office of the State Council issued the “Opinions on Developing the Silver Economy and Enhancing the Welfare of the Elderly,” clearly stating the need to promote the scaled, standardized, clustered, and branded development of the silver economy. This marks the entry of China’s silver economy into a fast track driven by policy.
According to the latest data released by Beijing, in the first three quarters of this year, the number of newly established elderly care institutions in the city reached 138,600, a year-on-year increase of 30.54%. Among them, smart elderly care services stood out, with 11,300 new institutions established, representing a year-on-year growth of 70.87%, becoming the largest growth point in the silver economy. Not only in Beijing, but many cities across the country are also making forward-looking layouts and accelerating their pace in the silver economy sector. For instance, the Putuo District of Shanghai released the “Implementation Opinions on Promoting High-Quality Development of the Silver Economy in Putuo District” along with a three-year action plan, aiming to establish a development pattern of “three zones and two centers.” By creating Shanghai’s first “Senior-Friendly Mall,” it provides exclusive activities and services for the elderly. Chengdu, as a city with a significant aging population in the western region, is accelerating its development path of “government guidance, market leadership, and integration of production and city” to become an important source of technological innovation, a core industry base, and a provider of high-end services in the silver economy.
The image shows a dance team performing for the elderly at the Zemuqi Wellness Center in Chengdu
The “China Urban Silver Economy Development Index” establishes a quantitative evaluation system for the silver economy, creating a unified theoretical digital standard for the industry. It serves as a “barometer” reflecting industry dynamics and provides a “guiding indicator” for the direction of industry development. Additionally, the index will create an accurate portrait of urban silver economies, conducting long-term monitoring of development levels from a third-party perspective. The analytical results produced will provide scientific evidence for local governments to formulate policies and optimize resource allocation, helping decisions align more closely with the actual needs of the industry. By guiding the optimal allocation of resources, the index will assist cities in clearly identifying their strengths and weaknesses in the silver economy sector. This will promote differentiated development paths for different cities, attracting more investment and consumption to this field. Furthermore, it will drive the clustering effect of related industries such as wellness tourism, rehabilitation equipment, and age-friendly home products. This initiative aims to help various regions seize new development opportunities amidst the challenges of aging, collectively exploring the vast blue ocean of the silver economy.