HK unveils 30 measures to boost silver economy

The Hong Kong government has unveiled 30 measures to promote the development of the silver economy and enable the elderly to share in the benefits of economic growth.

This follows chief executive John Lee's announcement in the 2024 Policy Address about establishing a working group to promote the silver economy (促進銀髮經濟工作組), led by the deputy chief secretary for administration Cheuk Wing Hing. 

Speaking at a press conference yesterday (27 May), Cheuk said the 30 measures have covered five areas, including boosting "silver consumption" (促進「銀色消費」), developing "silver industry" (發展「銀色產業」), promoting "quality assurance of silver products" (推廣「銀色品質保證」), enhancing "silver financial and security arrangements" (推廣「銀色財務及保障安排」), and unleashing "silver productivity" (釋放「銀色生產動力」). 

The government aims to enhance "silver consumption" through initiatives such as exhibitions, retail concessions, eCommerce, the Silver Summit, and protecting elderly consumers' rights. Key measures include the Commerce and Economic Development Bureau (CEDB) working with the Hong Kong Retail Management Association to introduce silver products and the Hong Kong Trade Development Council (HKTDC) supplying silver products via eCommerce platforms.

Meanwhile, the health and daily needs of the silver-haired group created significant demand for products and services, leading to the emergence of silver products. The Hong Kong Science and Technology Parks Corporation (HKSTPC), Cyberport and the Hong Kong Productivity Council will support their technology enterprises in developing gerontechnology. The HKSTPC and Cyberport will also assist companies in collaborating with the elderly care industry, hospitals, and clinics to align product research and development (R&D) with the needs of seniors.

To promote "quality assurance of silver products," the Hong Kong Council of Social Service (HKCSS) will launch the Care Food GBA Standard, and the Federation of Hong Kong Industries will introduce the Hong Kong Silver Q-Mark Product Scheme. These initiatives aim to enhance product quality, increase acceptance, help establish brand value and expand sales networks.

Recognising that elderly people in Hong Kong have a certain level of wealth, the government aims to help them optimise their financial resources and management tools by encouraging the insurance industry to develop more cross-boundary elderly care insurance products.

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"Population aging 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 aging 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," Cheuk said.

 "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," he added.

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