[Correspondent Diary] The New Market of China with a Population of 1.4 Billion

As of the End of Last Year, 254 Million People Aged 60 and Over... 18.1% of Total Population
China's Promising Future Industry: Silver Industry

[Asia Economy Beijing=Special Correspondent Jo Young-shin] China, with a population of 1.44 billion, is deeply concerned about population decline.

The immediate pressing issue is the elderly population. According to the National Bureau of Statistics of China, as of the end of 2019, the population aged 60 and above was 254 million. This accounts for 18.1% of the total population. The population aged 65 and above is also 160.3 million, representing 12.6% of the total population.

Chinese population sociologists warn that if the current trend continues, the elderly population aged 60 and above will exceed 500 million in 20 years. This means that more than 35% of the total population will be elderly.

[Image source=Yonhap News]

The increase in the elderly population is related to the decline in birth rates. As of the end of 2019, the number of newborns in China was 14.65 million. The birth rate was only 10.48 per 1,000 people, the lowest in 70 years. The birth rate, which was 20.91% (mortality rate 6.36%) in 1981, sharply dropped to 11.90% (7.11%) in 2010, 12.37% (7.16%) in 2015, and 10.94% (7.13%) in 2018.

The decline in birth rates is closely related to the marriage rate. The Ministry of Civil Affairs of China announced that the number of marriages last year was 9.47 million, a 4.6% decrease from the previous year. This is the first time since 2010 that the number of marriages fell below 10 million.

The increase in life expectancy among Chinese people has also contributed to the rise in the elderly population. The average life expectancy, which was 67.77 years (66.28 years for men, 69.27 years for women) in 1981, increased to 71.40 years in 2000, 74.83 years in 2010, and 76.34 years in 2015.

Some predict a grim outlook that by 2021, the number of elderly living alone in China will reach 92 million, coinciding with the declaration of a "Xiaokang (a society enjoying material comfort without worries about food, clothing, and shelter)" society.

The issue of aging in China was also addressed at the 5th Plenary Session of the 19th Central Committee of the Communist Party of China (19th CPC Central Committee 5th Plenum). It was noted that during the 14th Five-Year Plan period (2021?2025), the elderly population in China will exceed 300 million, marking China's full entry into an aging society.

The 5th Plenum recommendations explicitly stated the need to actively respond to aging by improving elderly care, elderly economy, elderly care service systems, and revising laws related to the elderly.

Among Chinese population sociologists, there is a consensus that to address the realistic aging problem, the silver consumer market must be fostered. They emphasize the development and dissemination of elderly-friendly products and elderly cultural content that are easy for seniors to use.

They also agree on the need to improve the curriculum of senior universities, focusing on leisure and entertainment, and to enhance the types and quality of education.

As the elderly population rapidly increases, the silver market will become a new market, and consumption will be sufficient, according to Chinese population sociologists.

This content was produced with the assistance of AI translation services.