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Hunan Province Taps into Lucrative Aged Care Industry

| Jan 30, 2015 07:42 PM EST

Zhu Yuefeng, 75, stands in the elevator of her apartment building.

In light of the rise of China's elderly population, the Zhigong Party Hunan Provincial Committee proposed the construction of the first sustainable elderly care facility during the Third Session of the 11th CPPCC Hunan Provincial Committee.

Reported by the Changsha Evening News on Jan. 27, the proposed facility, which would be built within the boundaries of Hunan, is an official response to the increasing number of elderly citizens in the province, as the committee perceives the situation as both a governmental obligation and a lucrative business opportunity.

The focus of the provincial committee is in accordance with the data from Hunan, where the elderly population reached 10.79 million just over one year ago.

Based on the year-end-2013 figures, 16 percent of the permanent residents living in the province are in the elderly age bracket.

Of the overall number of aged Hunan residents, 7.84 million are 65 years or older, which accounts for approximately 11 percent of the total number of Chinese in the province.

Meanwhile, the Zhigong Party, a non-communist political party in China, has released demographic results for the next decade. According to the political organization, as a net average, over 500,000 more people who are older than 60 years will be present in the Hunan Province on a yearly basis.

Furthermore, the province will experience a net annual increase of 70,000 people who are over 80 years old during the next 10 years.

Action is urgently required in the province, as there are only 18 beds for every 1,000 elderly people. Additionally, problems like poor services and severe fragmentation continue to plague the aged care industry in Hunan.

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