On October 11, the 2024 Fifth China Aging Society Summit, titled “Changing Patterns: The Roaring Silver Economy,” was held in Beijing, organized by the Pangu Institute and the 30-member Forum on Aging Society. This event gathered hundreds of professionals from various fields, including industry, academia, research, and media, to focus on the diverse needs of an aging society and explore ways to tap into the growth potential of the silver economy.

During the summit, Liang Chunxiao, Vice Chair of the Academic Committee of the Pangu Institute and Chief Expert of the Aging Society Research Institute, emphasized that “aging is not the problem; rather, it is the lack of adaptation.” He pointed out that the most significant change we face today is a transformation in human demographics and attributes. “In this sense, the silver economy is a new economic model that centers around people, livelihoods, and public welfare,” he added.

One of the key topics discussed was the transition from “silver” to “gold”—specifically, facilitating re-employment for seniors. As China grapples with population structure changes and increasing aging rates, questions arise about how to address these challenges.

Cathy Lai, Founder and Chair of the Hong Kong Golden Era Foundation, urged breaking free from traditional perceptions of the elderly and advocating innovative actions to support their re-employment. “We need to shift our mindset regarding older individuals. They possess wisdom and experience, and many are eager to continue contributing to society,” she stated.

Lai highlighted the critical importance of developing the silver economy over the next decade. Notably, she pointed out Hong Kong’s declining birth rates and labor shortages, leading to increased public expenditure on the elderly, significantly straining the government’s finances. She stressed the necessity for Hong Kong to pivot from welfare policies to new economic policies that encourage companies to provide job opportunities for seniors, helping them reintegrate into the workforce.

In her speech, she referenced the establishment of the “Ginkgo House” in 2003, which offers employment opportunities for seniors in need of economic and emotional support, thus contributing to a reduction in family and social burdens. Over the past 20 years, Ginkgo House has enabled thousands of older individuals to find re-employment through various initiatives, including restaurants and organic farms.

Lai also cited BMW’s initiative in Germany as an example, where the company created the world’s first plant specifically for retired employees in 2021, designing all equipment, from workstations to lighting, to meet the physical needs of older workers. “This innovative transformation can turn the needs of an aging population into business opportunities,” she explained.

Lai further argued that government policies should encourage innovation and incentivize companies to create re-employment opportunities and entrepreneurial conditions for seniors. “The process of transforming ‘silver’ into ‘gold’ represents a social innovation transformation that requires collaboration among policymakers, civic organizations, businesses, and academic institutions to research diverse methodologies from around the world before localizing these theories for cross-sector cooperation,” she concluded.

The role of technology in unlocking the potential of the silver economy was another major theme at the summit. Innovations such as voice-activated home robots and smart heated clothing to enhance muscle capabilities for seniors are beginning to reshape how we support an aging population.

Deng Yongqiang, founding partner of InnoSpace, remarked that the next 30 years represent a golden era for the intersection of AI and the silver economy. “Economic growth will continue, life expectancy will increase, and the contributions of AI to both the physical and virtual economy will rise,” he noted. Deng emphasized the rapid advancement of artificial intelligence as a key factor in transforming care, companionship, entertainment, medical treatment, and nursing sectors.

At the summit, Zheng Zhihong, Chief Researcher at Tsinghua University’s Future Lab, showcased how technology can serve the elderly, highlighting innovations like heated clothing that not only keeps seniors warm but also improves their arm strength training. He also introduced sleep measurement devices that assess their sleep patterns and emphasized how AI can help seniors identify and avoid scams.

Zheng asserted that as AI technology advances, we will increasingly coexist with robots, necessitating the establishment of trust dynamics for robots to better assist us. He believes that the silver economy prompts us to consider our respective roles within this industry and underscored the potential for educational and research institutions to conduct forward-looking studies that could significantly support its growth.

Cathy Lai echoed this sentiment, urging manufacturers, service providers, and technologists to pay closer attention to seniors’ needs. “The 21st century is the era of age-friendly design; many products and services can become user-friendly for older adults with just a few adjustments,” she remarked. “Whether in the private sector or non-profit organizations, collaboration within the ecosystem can lead to mutual benefits and successes.”