Chinese officials vowed on Monday to fully implement a recently released development plan for the “silver economy,” or the eldercare industry, to cope with an aging population and foster new economic growth drivers. A number of Chinese companies have also been stepping up investment in the industry that could be as big as 30 trillion yuan ($4.18 trillion) by 2035.
China s consumption in 2023 played a vital role in bolstering economic development. Final consumption contributed 82.5 percent of overall GDP growth, while retail sales set a new record of 47.15 trillion yuan ($6.62 trillion), data from the National Bureau of Statistics (NBS) showed on Wednesday.
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