Hong Kong Unveils 30 Measures to Boost Silver Economy Amid Aging Population

Hong Kong has launched a comprehensive initiative to boost its 'silver economy' by tapping into the purchasing power and workforce potential of its ageing population. The government, led by Deputy Chief Secretary Warner Cheuk Wing-hing, unveiled 30 measures aimed at increasing elderly consumption, developing industries tailored to seniors, ensuring quality assurance for 'silver products,' enhancing financial security, and encouraging re-employment among older citizens. The elderly currently account for a significant portion of the population with spending that represents about 11% of Hong Kong’s GDP, and this group is expected to grow to over a third of the population by 2043. Authorities plan to promote discounts, elder-friendly products, and flexible employment opportunities particularly for those aged 50 and above, to both improve their quality of life and stimulate economic growth. Experts emphasize the need for further actions such as flexible retirement ages and better medical insurance to fully realize the potential of the silver economy. The government views this approach as a way to inject vitality into the local economy while addressing demographic challenges.