There is an old Chinese saying: Filiality tops all virtues. Caring for aging parents is a Chinese tradition that has lasted for thousands of years. For a long time, Chinese people have mainly relied on families to look after them in their old age. Since China launched its reform and opening-up, the great economic, social and demographic changes have had an unprecedented impact on the traditional mode of elderly care. However, with an increasing proportion of retired people, some of whom have gotten old before becoming financially strong enough to provide for themselves in retirement, the Chinese government is encumbered by an increasing financial burden to subsidize lives of the elderly group. From the perspective of individual families, the unique "4-2-1" structure of families with only one child means millions of Chinese couples are financially stressed to support four elderly parents, and also have no sufficient time or energy to provide professional and timely care for the aged parents. Thus, high-quality elderly care will become the biggest inelastic demand of Chinese people.
In order to promote the development of the old-age industry, since the 18th CPC National Congress, China’s top leaders have called for efforts to vigorously develop old-age programs so that all senior citizens can live happily in their later years. The 19th CPC National Congress has included “carrying out the Healthy China initiative” into China’s overall strategic push for development. The Report on the Work of the Government in 2019 also put forward requirements for development of the elderly care industry. A series of state policies have been issued in favor of the elderly care industry, creating favorable external conditions for the healthy and orderly development of the elderly care industry.
At present, China’s elderly care market is significantly under-supplied and shows a good development trend under favorable state policies. The “silver economy”, with elderly care at its core, has become a new hot spot of investment. Vigorously developing the elderly care industry has become widespread consensus. It is an urgent task for our country to deal with the aging population, meet the elderly care demand of a growing number of seniors, and improve the well-being of the people. Vigorously developing the elderly care industry coincides with the people’s aspiration for a better life, representing our concrete move to stand on the people’s side as the fundamental stance, and to strive for the wellbeing of the people as the fundamental mission. Dajia Insurance will, in the direction of “service-oriented elderly care”, develop the capability of providing comprehensive elderly care services to meet consumers’ highly individualized demands for elderly care.