UNDP Report: Financing the Silver Economy in China

June 21, 2026 - 21:11

The United Nations Development Programme and China Industrial Securities Co., Ltd released a new report on December 11, 2025, titled "Financing the Silver Economy in China: Empowering an Inclusive and Sustainable Ageing Society." The report examines how financial systems can support China's rapidly aging population.

Population aging is a major global challenge. An older population affects development in multiple ways, from shrinking the labor force to creating new opportunities for sustainable consumption. Policy challenges include rising welfare costs and the risk of widening inequalities, especially between men and women.

China became an "aged society" in 2021, and the shift has accelerated since then. By the end of 2024, about 220 million people were aged 65 and above, or 15.6 percent of the population. Those aged 60 and older exceeded 310 million, or 22 percent.

The silver economy includes all economic activities, products, and services designed for older people. It was worth about 7 trillion yuan in 2023 and is projected to reach nearly 30 trillion yuan by 2035. The Chinese government has made financial services for the silver economy one of its five major financial priorities.

The report identifies six priority investment areas in elderly care that align with sustainable development goals. These include smart and wearable devices for older people, digital care service platforms, community-based elderly care and nursing services, palliative and hospice care, silver tourism, and age-friendly home renovations.

The report also highlights gender gaps in retirement security. Women in China spend about 2.5 times more hours than men on unpaid care work, which reduces their lifetime earnings and pension entitlements. Older women's social pensions are roughly half those of men. The report recommends that pension design account for these disparities, citing Germany's system that offers pension points for child-rearing years.

Financial institutions are encouraged to develop products tailored to different life stages, including retirement savings accounts, long-term care insurance, and annuities. The report also recommends using instruments like sector-specific bonds and real estate investment trusts to channel capital into elderly care projects.

The report calls for coordinated action among financial institutions, care providers, government agencies, industry associations, and the media to build a sustainable and inclusive silver economy that leaves no one behind.