Overseas companies target China’s ageing population

May 20th, 2012 - 11:02 am ICT by IANS  

Beijing, May 20 (IANS) China, which has one of the world’s largest elderly population, has attracted more and more overseas companies in selling products and services for the aged, China Daily reported.

Martin Cook, chairman of a British company selling products for the elderly and disabled, said: “It (China) is a massive, massive market.”

In the 1990s, Cook outsourced his manufacturing to China and imported the products into Europe. In April, he set up an office in Shanghai to sell products in China.

Cook said the most popular product his company sells in China was a plastic ramp system made in Denmark, which costs 300 yuan ($47).

Terada Daisuke, from a leading service provider in Japan, said his group will share “Japanese professional nursing skills” in China by providing services in design and operation of nursing homes.

More than 185 million Chinese were 60 or older by the end of 2011, according to the ministry of civil affairs.

Lu Ying, director of social welfare and charities under the ministry of civil affairs, said the government alone can never meet the needs of the rapidly ageing population.

“The increase in the elderly population has helped to create new business opportunities,” Lu said.

Lu estimated that old-age support services have a potential market value of more than 450 billion yuan (over $70 billion).

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