What experts say Hong Kong gets right and wrong in plan to tap ‘silver economy'
Advertisement
The government on Tuesday announced 30 measures aimed at reaping the economic rewards of the ageing population.
Deputy Chief Secretary for Administration Warner Cheuk Wing-hing outlined five key areas his new working group would tackle: boosting consumption, developing industries tied to the silver economy, promoting quality assurance of 'silver products', enhancing financial arrangements for the demographic and unleashing the productivity of older residents.
Elderly women play cards in To Kwa Wan. According to authorities, the spending by people aged 60 and above reached about HK$342 billion in 2024. Photo: Sam Tsang
'As the population ages, the elderly are becoming healthier and wealthier,' Paul Yip Siu-fai, a professor at the department of social work and social administration at the University of Hong Kong, said. 'Providing more preferential offers to them will help drive the silver economy.
'This should be done, but it remains to be seen whether the measures are enough.
More needed to be done to spur the overall growth of the market surrounding the needs of the elderly, he added.
Advertisement
The number of people aged 65 and above in Hong Kong is expected to increase from 1.64 million in 2023 to 2.67 million in 2043, accounting for about 35 per cent of the population, according to official projections.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong doctor convicted in fatal liposuction case wins appeal
A Hong Kong doctor involved in a fatal liposuction procedure in a beauty centre in 2014 has won an appeal against her manslaughter conviction. The Court of Appeal on Thursday cleared Dr Vanessa Kwan Hau-chi of the charge and set aside her six-year jail sentence , after her lawyer argued that the trial judge, in her instructions to the jury, failed to highlight uncertainties over the cause of the patient's death. The 42-year-old defendant was accused of breaching her duty of care to dance instructor Josephine Lee Kar-ying, who underwent her second liposuction procedure to have fat on her back removed at the Regrowth Hair Transplant Centre in Tsim Sha Tsui on June 26, 2014. Kwan was banned from practice indefinitely by the Medical Council following the incident. Lee, who weighed 113.5kg (250lbs) before treatment, never regained consciousness after she was heavily sedated for the procedure. The 32-year-old was certified dead in hospital the same day. Her cause of death could not be ascertained, but a medical expert ruled out an overdose of anaesthetics, trauma, haemorrhage and infection.
RTHK
2 hours ago
- RTHK
'HK-made Chinese medicines to grow in popularity'
'HK-made Chinese medicines to grow in popularity' Wing Chu (left) says streamlined approval procedures offer more opportunities for Hong Kong-made proprietary Chinese medicines to be sold on the mainland. Photo: RTHK Hong Kong-made proprietary Chinese medicine products have great potential to enter mainland and overseas markets, the Hong Kong Trade Development Council said on Thursday. The mainland, which is the largest proprietary Chinese medicine market valued at 450 billion yuan, has streamlined the registration and approval procedures for products from Hong Kong. At a press conference, the council's principal economist of Greater China, Wing Chu, said Hong Kong's exports of proprietary Chinese medicines totalled HK$2.88 billion last year. More than 70 percent of the city's products were exported to the mainland, followed by 20 percent to Macau. Although the mainland mainly relies on its own drug production and only imports a small amount of Chinese medicines, over half of its imported proprietary Chinese medicines are from Hong Kong, Chu said. He added that the streamlined approval procedures offer more opportunities for Hong Kong businesses to expand into the Greater Bay Area and other mainland cities. 'Maybe Hong Kong-produced products are not the cheapest in the market, and there are a lot of alternative choices over there, but Hong Kong proprietary Chinese medicine products have a [good reputation] in mainland China, especially in the southern part of mainland China,' he said. Chu said there is also demand for Chinese medicines in overseas markets, particularly in Southeast Asia. 'But apart from this, there is also a lot of demand … even in the US or some European countries. They also have a demand for the traditional Chinese medicines. And this actually provides a very good market potential for us to explore,' he said. The council also said the opening of Hong Kong's first Chinese medicine hospital at the end of the year will help make proprietary Chinese medicines even more popular.
South China Morning Post
2 hours ago
- South China Morning Post
Hong Kong students should avoid ordering takeaway food on mainland China trips, authorities say
A new guide has advised students from Hong Kong to refrain from ordering food and drinks through delivery platforms during trips to mainland China in the new academic year, in light of reports that more than 100 students taking part in such tours developed gastroenteritis symptoms. Students were also advised not to go to the gym or use recreational facilities in hotels to ensure they have sufficient rest the following day, according to education authorities. The Education Bureau recently uploaded a document for schools in a 'frequently asked questions' format for such trips in the new academic year.
