The Sri Lanka - China Hotline
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Colombo 32
July 10th, 2024

කඩිනමින් වයස්ගත වන ජනගහනය මූල්‍ය ක්ෂේත්‍රයේ ප්‍රගමනට දායක කර ගන්නේ කෙසේද?


Financial firms target growth in China's elderly care market

China's fast-aging population is presenting both challenges and opportunities for the finance sector, with companies targeting a burgeoning new silver economy in elderly care services.

Experts emphasized the role of China's financial industry in enhancing the elderly care market at the 15th Annual Meeting of the New Champions, also known as the Summer Davos, which opened in northeast China's Dalian on Tuesday.

With the theme "Next Frontiers for Growth," the event held from June 25 to 27, gathered some 1,600 leading figures from the public and private sectors across nearly 80 countries and regions to jointly explore new drivers and pathways for global economic growth.

"It's very important to actually combine the financial services with what we call value-added services. So it's not just about the financial products to protect the wealth or accumulate wealth. It's more important, especially for the elderly people, to have a certain level of quality for elderly care services. So when we look at these aging challenges, we think about how to combine our financial services products with the health care, medical care and also elderly care services and all create a bundle of service to our customers. So on the one hand, they can accumulate wealth, actually have sufficient amount of income sustainably for the next 20, 30 years. On the other hand, that part of the income can be used to pay for the services that they really need and increasingly need on the medieval care services and health care and elderly care part," said Michael Guo, co-chief executive officer of Ping An Insurance Group Co.

"On one hand, we see a shortage of investment products that are suitable for retirement. And secondly, you need better asset managers, pm (product managers), basically to come up with better investment strategy. There's plenty of room for product innovation. For example, now we see the development of the REITs market. If you look at the advanced economy, REITs are traditionally perfect options for pensions and retirement and insurance companies," said Wei Chenyang, associate dean at Tsinghua Institute of FinTech Research.

private sectors across nearly 80 countries and regions to jointly explore new drivers and pathways for global economic growth.

"It's very important to actually combine the financial services with what we call value-added services. So it's not just about the financial products to protect the wealth or accumulate wealth. It's more important, especially for the elderly people, to have a certain level of quality for elderly care services. So when we look at these aging challenges, we think about how to combine our financial services products with the health care, medical care and also elderly care services and all create a bundle of service to our customers. So on the one hand, they can accumulate wealth, actually have sufficient amount of income sustainably for the next 20, 30 years. On the other hand, that part of the income can be used to pay for the services that they really need and increasingly need on the medieval care services and health care and elderly care part," said Michael Guo, co-chief executive officer of Ping An Insurance Group Co.

"On one hand, we see a shortage of investment products that are suitable for retirement. And secondly, you need better asset managers, pm (product managers), basically to come up with better investment strategy. There's plenty of room for product innovation. For example, now we see the development of the REITs market. If you look at the advanced economy, REITs are traditionally perfect options for pensions and retirement and insurance companies," said Wei Chenyang, associate dean at Tsinghua Institute of FinTech Research.

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