Shen Yueyue, vice-chairwoman of the National Committee of the Chinese People's Political Consultative Conference, led a team to Shanghai from Feb 13 to 15 to survey the development of the silver economy in boosting domestic demand.

The team visited neighborhood communities and related enterprises to survey silver economy-related products and services, senior-friendly consumer brands, as well as initiatives in elderly health preservation and culture and education services. They also held a meeting to gather insights from representatives of government departments, businesses, community workers, and younger seniors.

The team emphasized that the silver economy spans various sectors, with a wide-ranging industrial chain, diverse business models, and immense development potential. It is a major engine for high-quality economic development and an important means for boosting employment and safeguarding people's livelihoods. In particular, younger seniors — those who have the desire, ability, and motivation to consume — are a major force in boosting consumption, providing a vast consumer base and a broad market for the development of the silver economy.

The team noted the need to focus on key challenges that constrain the development of the silver economy, prioritize efforts in better integrating a vibrant market and capable governments, and deepen research on identifying consumers' needs, providing targeted products and services, and optimizing the consumption service environment. 

They also stressed the importance of learning from successful practices and refining effective models, striving to propose targeted, practical,  scientific and feasible recommendations for the development of the silver economy.