Incentives for China’s elderly care

China has decided to offer incentives for the development of elderly care in face of the quickly aging population. China is growing old at an alarming rate and senior care services are going to be vital in the future.

With the incentives, the government hopes attract international investment to help deliver the senior care services needed before the country’s old-age dependency gets too great.

The South China Morning Post reports that one incentive that the government is offering is the opportunity to operate the business as a ‘wholly foreign-owned’ (WFOE) enterprise. Until now, foreign investors looking to participate in the industry would have had to partner with a local company. Such partnerships are now optional.

There are not many senior care facilities in China, and the government wants this to change. By the end of 2014, two ministries announced they had opened up the for-profit senior care institution and services industry for investment.

For many years, taking care of one’s parents was a deeply-rooted tradition, but this is changing. There are far less households with ‘three generations under one roof’ as China’s cities get larger, filled by urbanisation and the prospects of a better life.

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