Businesses that serve the needs of the elderly in China are in the spotlight again as the central government announced on Friday that it will "fully open up" the market by 2020 and invite more foreign investors into the nonprofit service sector.

Calling elderly care a "sunrise industry", the State Council's General Office in a 6,000-word circular laid out plans to improve services for China's fast-expanding group of elderly citizens. They include lowering the entry threshold by simplifying registration procedures for all elderly care institutions, building a market pricing mechanism and a credit system for the sector and using internet tools to put services near at hand.

Since 2013, China has officially opened its arms to overseas investors to create for-profit eldercare businesses. This time, the central government is offering to lift restrictions for them to take part in the nonprofit sector, promising rights and benefits equal to those of their Chinese counterparts.