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Schermafdruk 2019 02 13 18.50.30The potential of China’s elderly care market, worth ¥10trn (about £1.15trn) is expected to be unlocked as a growing number of relevant policies are put in place. More concrete measures will be taken in 2019 to encourage the banking and financial sectors to get involved in the market, Economic Information Daily reported on 19 December. By the end of 2017, the number of people in China over the age of 60 was more than 241 million, accounting for 17.3 per cent of the country’s population, according to statistics released by the China National Committee on Ageing. More data from CIConsulting shows that 84 per cent of the current market needs have not yet been met. Despite this, it is estimated the market will exceed ¥11trn by next year. China’s Ministry of Civil Affairs, aiming to tap market resources fully, listed the reform of streamlining the administration of elderly care institutions and public-private partnership (PPP) projects as one of its 10 priorities on 1 February 2018. On 18 July, the Standing Committee of the State Council decided to streamline approval for elderly care institutions, aiding future development. The move intends to mobilise private funds and reduce the costs associated with joining the sector. Driven by national supporting policies, businesses from banking and financial sectors have geared up to seize their share of the market. Three pension target funds under Yinhua Fund Management, Fullgoal Fund and Wanjia Asset were established on 14 December, attracting more than 200,000 active subscribers worth a total of ¥1.3bn. A former company executive called Fu said . . . . . . . read more in The Telegraph


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