The elderly have changing views about growing old. (Photo : Getty Images)
Analysts believe that as more Chinese are changing beliefs in aging, that more of them will ensure their future. This will make the country's pension industry grow even larger.
The insurance market reported a revenue of 4.1 trillion yuan or $617.69 billion in 2014, according to a joint report made by Taikang Life and the Hurun Report on Monday.
Chen Dongsheng, the CEO of insurance company Taikang Life said to members of the press on Monday, "The pension market in China is full of potential, as the number of high net worth individuals continues to rise rapidly."
He added that high net worth individuals (HNWIs) are changing their attitudes toward retirement, and are becoming more open-minded and optimistic. These individuals have a net worth of 10 million yuan or more.
The joint report also stated that the industry will grow to 7.7 trillion yuan by 2020 before further climbing to 22.3 trillion yuan in 2030. The growth will be pushed by the increasing number of HNWIs.
Rupert Hoogewerf, the chairman of the Hurun Report, said, "For Chinese HNWIs, healthcare has surpassed financial investment and ranks first among the topics of concern in 2016."
HNWIs are changing their plans for old age. Instead of living with relatives, many of them think that it is better if they went in a retirement home.
The report revealed t people who would like to retire in senior communities rose from 25 percent in 2015 to 28 percent in 2016.
Evergreen is a state-owned retirement home in Beijing. Zhang Jiazhen, an 86-year old resident, tried living with her children in the U.S. but decided to come back to China.
"I'm an independent person ... I really don't like China's old-fashioned view that you raise sons and daughters to support you when you're old," she said. "I can mix with a bigger family here."
