China plans consumption vouchers for seniors to ease strain on its aging population

China plans to offer subsidies coupons Beijing is for the elderly in rare use of financial support, as Beijing tries to alleviate financial difficulties and increase the consumption of elderly care services.

Appropriations shall be paid monthly as electronic coupons to meet some of the costs of the elderly care services. joint statement It was published on Wednesday by the Ministry of Civil Affairs and the Ministry of Finance.

Chinese policy makers avoided direct cash paper, similar to what the US and Hong Kong accelerated their efforts to support employment and employment. Improving social welfare.

Alfredo Montufar-Helu, a Beijing-based consultant for Beijing-based multinational enterprises, said, “The financial burden created by old care for Chinse households … Alfredo Montufar-Helu, a Beijing-based consultant to multinational enterprises, said,” It is one of the major restrictions to reduce cautious savings and increase internal consumption. “He said.

According to the official statement, the elderly will be evaluated in terms of physical obstacles and only those considered as “medium, serious or completely disabled” will be allowed to request these subsidies.

Appropriations are currently set between 500 Yuan and 800 Yuan per month and can be used to pay some of the costs of some senior service services such as food and bathroom assistance, rehabilitation and day care.

The details of the plan may be “optimized”, as the authorities will manage a pilot in certain cities this month before being published in a country this year. The program will last 12 months.

Economist Intelligence Unit Senior Economist Tianchen XU said that measures can encourage the adoption of such senior maintenance services and alleviate the “heavy -old care burden” for family members.

Reflecting this view, Lynn Song, Ing’de China’s chief economist, “the strengthening of the social security network is one of the main objectives to open a better lock of consumption, these measures can be interpreted as steps in this direction,” he said.

China’s population ages and work uncertainty scale, the middle -class consumers, a sector that provides goods and services for people over 50 years of age, is increasing with more businesses targeting the elderly who accumulate adequate pension funds.

“It is very important that the government continues to progress with reforms and strategies that have cashed with deeper structures. [supply-demand] Plavors, Mont Montufar-Helu said.

According to Wednesday, the financial assistance will be financed by the central government and local authorities will contribute to a smaller share.

“Elderly care is an important component of the country’s wider service consumption … Elderly care is designed to promote new growth driving powers and to better align economic development with social welfare,” “Elderly Care is designed.”

Economists called on Beijing to give priority to policies aiming to strengthen the country’s social security network in order to cope with the aging population, high youth unemployment and warm domestic consumption.

“The increase in demographic and economic pressures forces Beijing to emphasize the social policy agenda in the next 15th five -year plan.” The Eurasian group said in a note on Thursday.

“The Eurasian Group said on Thursday to support the social security network, especially with changes in pensions and health services, to adapt to a rapidly graying society is high on the agenda.” He said.

In the statement, approximately 22% of the Chinese population were 60 years and over at the end of 2024. 18.7% in 2020. Population 65 years and older in China It reached 216.8 million in 2023 and 15% Total population.