Developing elderly care industry to meet various needs – Xinhua English.news.cn

【Notes of Representatives】

Author: Jin Li (Member of the National Committee of the Chinese People’s Political Consultative Conference, Vice President of Southern University of Science and Technology)

This year’s government work report pointed out that we should actively respond to the aging population and promote the development of the aging cause and the pension industry. Solving the problem of old-age care is an important guarantee for improving the people’s sense of happiness and security.

With the development of economy and society, people’s quality of life has improved, the average life expectancy has been extended, and the demand for old-age care is huge and rich in levels. However, my country’s elderly care industry still has the problems of small scale and lagging industrial development, which cannot meet the actual elderly care needs of residents. Therefore, only by vigorously developing the elderly care industry and improving the cost performance through market-oriented means can we realize a virtuous circle in which the general public can afford market-oriented elderly care and release the potential of industrial development.

The high-quality development of the elderly care industry is an important aspect to satisfy the people’s pursuit of a better life. Only by increasing the total amount of pension products and services provided by the society can we better match the total supply and total demand and promote the balanced development of the social economy. In addition, vigorously developing the elderly care industry can also drive the development of pension finance, health care, pension culture industry, investment in pension institutions, and aging-friendly renovation of residential quarters.

The development of the elderly care industry requires both the government and the market to work in the same direction. On the one hand, it is necessary to give full play to the huge potential of the elderly care industry in promoting high-quality economic development, organically combine the roles of the government and the market, and better balance fairness and efficiency. Through the formulation of top-level design, the elderly care industry is regarded as an important starting point for economic development, and the long-term healthy and orderly development of the elderly care industry is promoted in an all-round way. On the other hand, let the market fully develop. By cultivating leading enterprises, economies of scale and scope are formed, and the integration of upstream and downstream systems in the industrial chain is realized, so as to comprehensively reduce costs and improve efficiency. Different markets should be managed at different levels, with both bottom-line thinking and “ceiling thinking”. For low-income groups, the government should provide a guarantee; the needs of the majority of the people should be met mainly through market-oriented means.

In addition, while encouraging the entry of state-owned enterprises, it is necessary to protect private pension institutions. Due to factors such as long investment cycle and unstable returns, the development of private pension institutions and related industries is relatively slow. To help the development of private pension institutions, we should make systematic efforts to fully mobilize the enthusiasm of social forces. It is necessary to provide institutional guarantees at the national level, set up a reasonable mechanism in advance, standardize the use of funds, and ensure investment security; it is also necessary to enhance social trust, encourage more long-term social funds to enter, form a beneficial supplement to national investment, and realize the development stock of the elderly care industry Capital revitalization, new investment development, capital structure optimization.

“Guangming Daily” (version 12, March 6, 2023)