China converts kindergartens into senior care facilities amid an aging population.
China's aging population and declining birth rates are driving a shift in the economy, leading to the conversion of thousands of kindergartens into senior care facilities. The government is promoting the "silver economy," targeting the over-50 demographic, which is seen as a lucrative market due to their accumulated wealth. Since 2019, the number of elderly care institutions has more than doubled, exceeding 410,000, with significant growth expected by 2040.
October 31, 2024
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