PROSPECTS The two-child policy and economic recovery fuel growth Strong demand, underpinned by the two-child policy and economic recovery in China, fuelled growth in baby and child-specific products in New-generation parents, particularly millennials, are generous in spending money, particularly on themselves and their children, in pursuit of quality of life.
If senior care issues in China are not addressed, the sheer number of Chinese who grow older without caregiving options could become both an insurmountable economic drain as well as a potential source of social instability.
However, the senior care market in China is also a promising opportunity. A study by the United Nations estimated that in there were 16 retired people in China to every workers.
The study projected that this ratio will reach 64 elderly for every workers by Compare this to the United States, which currently has approximately 20 retirees for every workers and is projected to have 33 retirees for every workers by Even in developed economies, this would be a challenge to deal with properly.
The PRC government is acutely aware and deeply concerned about these demographics. Today, government funding only covers 1. Namely, there are now four grandparents and two parents for every one working Chinese.
Challenges of providing senior care in China The China market is hungry for a solution to this problem and foreign senior care operators are eager to prove they can export their approaches to China. However, there are numerous challenges that will need to be addressed before this can happen.
Perceived value A successful elder care model in China will need to be perceived by both those paying for the care, as well as those receiving it, to meet the cultural expectations of how seniors are to be honored and taken care of in their old age. Researchers that have studied expatriate Chinese communities in Hong Kong, Vancouver, and Toronto found that secondary care-giving is not the preferred option of those paying for or receiving the care, but that both parties are beginning to understand that secondary care may be necessary if it rises to meet the expectations of cross-generational care.
The simplest way this can be achieved by foreign operators is to stress the quality of the services provided, if not the outright luxury, of the senior care experience as some early entrants are attempting to do. Government involvement The question of what role—if any—the PRC government should play in shaping the elder care market remains unanswered.
China lacks regulations covering quality standards for caregivers as well as a government-sponsored accreditation processes that would allow consumers to judge reputable facility-based care from those that should not be trusted.
The most pressing question the PRC government must answer is how to expand its reimbursement for senior care. As with other policy agendas driven by the central government, local and provincial leadership will have wide latitude to implement new approaches.
Licensing Another challenge for foreign senior care operators who want to enter China is obtaining a license to do so. As American and European hospital entrepreneurs have discovered, getting a license to open and operate a private hospital in China is an extremely complicated and drawn-out process that varies widely across provinces.
The process for opening a privately licensed senior care facility in China will be similarly difficult. Because licensing is an opaque process in China, foreign firms will need to find local legal representation that has experience working with the national-level ministries of Civil Affairs and Health, ideally a firm that has experience navigating the confusing approval process to open a private general care hospital in China.aii FOREWORD BY YABHG.
through the 10th Malaysia Plan.
business employers in setting up child care centres for their employees. UNICEF is committed to doing all it can to achieve the Sustainable Development Goals (SDGs), in partnership with governments, civil society, business, academia and the United Nations family – and especially children and young people.
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