With the population aging, the "silver economy", which incorporates economic activities that cater to senior citizens with tailored products and services, will create new opportunities and open up new areas and new arenas, said an official from the National Development and Reform Commission (NDRC) at a press briefing on Monday.

Official data shows that China's population aged 60 and above had reached 297 million by the end of 2023, accounting for 21.1 percent of the total.

China has recently released a guideline to boost the "silver economy" as part of efforts to address the challenges of an aging population.

The guideline, issued by the General Office of the State Council, specifies measures to expand, standardize, cultivate industrial clusters, and improve the branding of the silver economy.

Prioritizing the well-being of its senior citizens, the country must improve food and health care services for the population and expedite the development of elderly care institutions, according to the guideline.

It anticipates the establishment of around ten industrial parks to develop the silver economy nationwide, calling for efforts to cultivate industry leaders and stimulate senior citizen consumption.

Efforts should also be focused on nurturing new business models related to smart health and elderly care, as exemplified by the development of nursing and housekeeping robots, along with biotechnologies that help alleviate age-related illnesses, the guideline says.

"The guideline clearly proposes a number of forward-looking and strategic scientific and technological research projects to promote the integrated application of new-generation information technologies and smart devices, including mobile terminals, wearable devices, and service robots in various elderly care settings such as homes, communities, and institutions," said Liu Ming, director of the Department of Social Development under the NDRC.

In addition, travel agencies are encouraged to launch more products for senior citizens. Meanwhile financial institutes like insurance agencies are expected to channel more investment to silver tourism.