China's aging population fuels 'silver economy' boom, but profits can prove elusive
Zhang, 71, has found joy and new friends at the «elderly university» in Beijing. Besides African drums, the former primary school teacher joins social dance classes, paying about 2,000 yuan ($280) for two courses this semester. Seeing herself standing tall in dance class boosts her confidence. After class, she hangs out with her friends.
«When we get old, what do we need?» she said. «To love ourselves.»
Many older Chinese are looking beyond traditional nursing homes, afraid of abandonment by their families and quality issues. That's driving a boom in universities, home care services, and communities catering to older adults. Though some providers struggle to turn a profit, they persist because they see promise in the growing market.
China has a rapidly aging population. Last year, about 297 million people were aged 60 or above, over one-fifth of the population. By 2035, this number is forecast to exceed 400 million, or over 30% of all Chinese.
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