Hong Kong is set to unveil measures to galvanize the silver economy on Tuesday afternoon, which is taking on greater importance as the city’s senior population grows.
Deputy Chief Secretary for Administration Cheuk Wing-hing, who chairs the Working Group on Promoting Silver Economy, will head a press conference to outline the new initiatives.
The measures focus on five major areas: boosting consumption among seniors; developing the silver industry; promoting quality assurance of silver products; enhancing silver financial and security arrangements; and unleashing silver productive potential.
He will be joined by senior officials including Secretary for Commerce and Economic Development Algernon Yau Ying-wah, Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim, Under Secretary for Labour and Welfare Ho Kai-ming, and Under Secretary for Innovation, Technology and Industry Lillian Cheong Man-lei.
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Speaking to the media ahead of the weekly Executive Council meeting on Tuesday morning, Chief Executive John Lee Ka-chiu emphasized the importance of the silver economy, stating that the working group was established with two main purposes: to provide strong leadership in coordinating efforts across different policy areas, and simultaneously to foster collaboration between the Hong Kong Special Administrative Region government, the private sector, and community organizations to enhance services for the elderly and drive economic development.
Lee pointed out that Hong Kong has one of the world’s highest life expectancies — which independent estimates place in excess of 85 years —and its elderly population continues to grow.
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“By 2043, people aged 65 or above are projected to make up more than one-third of the total population, meaning the silver market will account for a significant portion of the city’s consumer spending,” he added.
