|
 The statement said China will loosen approval processes for foreign
aged-care firms and encourage overseas investors to establish
non-profit pension funds.
China is facing the looming challenges of a rapidly aging
population, driven in part by its restrictive one-child policy which
was partially relaxed in 2015.
The country opened the industry to for-profit investment in 2014,
allowing some foreign investors to manage wholly-owned firms in the
sector, albeit under close surveillance and cumbersome approval
processes.
According to UN data, the number of Chinese people over 80 will
surge three-fold to 90 million, making it the largest aged
population in the world.
Currently the country's elderly care infrastructure is critically
underdeveloped. China also has strong culture of filial piety,
stigmatizing those who opt to put elderly relatives in nursing
facilities.
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The notice also reiterated previous commitments to fully liberalize
the elderly care market, setting a 2020 deadline.
(Reporting by Cate Cadell; Editing by Himani Sarkar)
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