Source: Hong Kong Government special administrative region
Government announces 30 measures to be implemented by Working Group on Promoting Silver Economy
Mr Cheuk said, “Population ageing is becoming an increasingly serious issue around the world, and the situation in Hong Kong is of particular concern. The Census and Statistics Department predicts that by 2043, more than one in every three Hong Kong residents will be an elderly person. In light of this demographic shift, we must actively address the various challenges brought about by an ageing population. At the same time, we should seize development opportunities amid the challenges, explore new industries and new businesses, and break new ground for Hong Kong in a time of change.
“The elderly account for a large proportion of Hong Kong’s population. With favourable financial conditions and purchasing power, they are a huge consumer group that cannot be overlooked, as they create a huge demand for silver economy related products and services. Boosting the silver economy will inject vitality into the local economy and promote overall economic development, as well as spurring the cultivation of high-quality silver products and service modes, so that the elderly can share the fruits of development.”
The Working Group has proposed 30 measures in five areas, namely: boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements”, and unleashing “silver productivity”. This plentiful and practical series of measures involves collaboration across different bureaux and sectors. Jointly promoted by different policy bureaux and multiple organisations from different sectors, the measures aim to boost consumption among the elderly, develop silver products and services, and enhance the recognition of products and services through accreditation to drive sales, make good use of and safeguard the financial resources of the elderly, and attract the elderly to join the labour market, with a view to enhancing social productivity and building a silver-friendly society together.
(I) Boosting “silver consumption”
Owing to their health conditions and lifestyle practices, the elderly’s consumption needs are different from those of other consumers, with great consumption potential in areas including catering, personal hygiene and healthcare. The Government aims to boost “silver consumption” through various means, including exhibitions and retail concessions, electronic commerce, the Silver Summit, developing catering initiatives for the elderly, and protecting elderly consumers’ rights and interests.
The Commerce and Economic Development Bureau (CEDB) will take the lead in boosting “silver consumption”, and the 11 measures include:
(II) Developing “silver industry”
The health and daily needs of the silver-haired group have led to a huge demand for products and services. Silver products (including gerontechnology products) have hence come into being.
The work of developing the “silver industry” is led by the Innovation, Technology and Industry Bureau. The four measures are:
(III) Promoting “quality assurance of silver products”
Quality assurance for products and services can enhance their acceptance and attractiveness, helping to establish brand value and expand sales network.
The work of promoting “quality assurance of silver products” is led by the CEDB. The four measures are:
(IV) Enhancing “silver financial and security arrangements”
Elderly people in Hong Kong possess a certain degree of wealth, which provides the prerequisite for developing silver finance. The Government’s objective is to assist the elderly to best utilise their financial resources and financial management tools, and to protect their financial resources through a comprehensive package of measures.
There will be seven measures for enhancing the “silver financial and security arrangements”, which will be led by the Financial Services and the Treasury Bureau:
(V) Unleashing “silver productivity”
The Government will encourage and assist more elderly persons to join the labour market through employment support and training, as well as the promotion of elderly-friendly employment practices, in a bid to unleash the labour force.
The Labour and Welfare Bureau (LWB) will take the lead in driving the measures for unleashing “silver productivity”, including:
Mr Cheuk said, “The silver economy holds tremendous business opportunities. With the joint efforts of the Government and various sectors, we can certainly expand the scale and industrial chain of the silver economy, enhance the quality of life for the elderly in all aspects, and increase their sense of contentment and happiness.”
The Chief Executive announced in his Policy Address 2024 the setting up of a Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration, to implement measures in five areas, namely: boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements” and unleashing “silver productivity”. Other members of the Working Group include the Secretary for Commerce and Economic Development (Deputy Leader); the Secretary for Labour and Welfare; the Secretary for Innovation, Technology and Industry; the Secretary for Financial Services and the Treasury; and the Secretary for Health.
Issued at HKT 18:08
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