Foreign expertise in large eldercare sector to bring opportunities, benefits

Premier Li Keqiang extended a welcoming message on Monday to foreign businesses looking to tap into China's potentially mammoth eldercare sector, saying that opening-up is the inevitable choice for China's development.

In a videoconference with foreign representatives at the China Development Forum 2021 in Beijing, Li said the potential demand for China's multitiered eldercare services will be huge. He said sectors related to services for the elderly will be major sunrise industries－those that show potential for substantial and rapid growth－as the country's elderly population already exceeds 260 million.

He highlighted the need for China to borrow international expertise in the development of eldercare products and services as well as in the operation and management of commercial insurance, adding that the country welcomes foreign eldercare services to the Chinese market.

The premier underscored that China keeps consolidating and refining its basic pension system, and the government is also supporting the growth of commercial insurance.

China is in the process of opening up its financial sectors, including banking and insurance, and their huge potential will create more opportunities for foreign businesses, he said. Li added that the government is committed to creating a business environment that offers a level playing field for domestic and foreign companies.

He also said the country will further expand opening-up and work toward win-win outcomes with different nations via two-way or multidirectional opening-up.

Li reiterated the policy that China will give priority to higher quality and efficient growth while maintaining the stable fundamentals of its economy.

It is important to balance growth of the economy, residential income and the job market, and the country will not pursue the growth of its GDP at the cost of high energy consumption and high pollution, he said.

In doing so, the country must attain relatively full employment, the sustained growth of residential income, a continuously improving ecology and environment, the further refining of its economic structure and steady improvement in labor productivity, he said.

Li also explained the government's decision to set the target of this year's economic growth at above 6 percent, saying that the goal took into account the ongoing economic recovery and the need to consolidate the foundation of growth.

The target will also be better aligned with goals to be set in the next two years, he added.

While a growth target of at least 6 percent is not low, the actual economic growth this year could be higher, he said, adding that the government is trying to better guide market expectations.