Nadia, Lin Yifu: Calibrating cognition, activating the potential of Asia's silver-haired economy

Across Asia, a profound transformation in demographic structure is unfolding in various countries. Population aging is becoming one of the most powerful forces shaping economic development, labor force composition, and social progress. During the Boao Asia Forum 2026 Annual Conference, this reality became the core focus of the “Asian Silver Market Potential and Value Co-Creation” sub-forum. Participants delved into how longevity can serve as a catalyst for new markets, new industries, and more inclusive growth models.

In the next 25 years, the increase in Asia’s elderly population will surpass the total growth of elderly populations in other regions of the world. By mid-century, Asia will have over 1 billion people aged 65 and above. However, the aging process varies across Asian countries. Japan remains a pioneer of super-aging societies, South Korea is experiencing one of the fastest demographic shifts in history, and China is rapidly aging on an unprecedented scale. In Southeast Asia, many countries are entering aging at relatively low income levels, facing dual challenges: maintaining economic vitality while adapting institutions and care systems to new demographic realities.

Population aging is often portrayed as an imminent crisis, but this perspective is one-sided. Elderly people are among the fastest-growing consumer groups worldwide, shaping demands across sectors from healthcare, housing, and finance to tourism and digital services. This is the foundation of the silver economy’s formation and development.

The silver economy already constitutes trillions of dollars in economic activity globally and is expected to expand further over the coming decades.

Therefore, the question is not whether aging will reshape the economy, but how countries can guide this transformation to be inclusive, sustainable, and equitable. Unlocking the full potential of the silver economy requires more than just market growth; it demands forward-looking policies, favorable investment environments, eldercare systems aligned with each country’s economic, cultural, and social traditions, and multifaceted efforts to ensure that the benefits of longevity are widely shared.

Encouragingly, innovation across Asia is accelerating. Governments and communities in multiple countries are experimenting with integrated care models that bring healthcare and social services closer to the people; labor markets are reforming toward supporting longer, more flexible careers; cities are becoming more age-friendly, and lifelong learning programs are helping seniors stay active, acquire new skills, and keep pace with change; intergenerational initiatives are strengthening social cohesion in societies experiencing rapid demographic shifts.

Technology is speeding up these trends. Advances in artificial intelligence, robotics, and digital platforms are opening new possibilities for health management, autonomous living, and responsive care systems. In China, led by Fudan University’s Institute of Aging Research and supported jointly by the United Nations Population Fund and the National Development and Reform Commission, the “China Silver Technology Development Report” indicates that the development of silver tech is shifting from scattered pilot projects to an integrated innovation ecosystem connecting research, industry, and services. These ecosystems not only improve care services but also promote active aging by expanding opportunities for older adults to participate and contribute in later life.

However, technology alone is not a panacea. Without careful attention, it may exacerbate existing inequalities. Many seniors—especially those in rural areas, with limited digital access, and older women facing multiple vulnerabilities—are at risk of marginalization. Bridging these gaps requires investments in digital literacy, accessible design, and inclusive policies that reflect the diversity of older adults’ lives.

Therefore, a life-course approach is crucial. Aging is not an isolated stage of life; it carries the accumulated advantages and disadvantages of a person’s entire lifespan. Ensuring that people can age with dignity, health, and security requires investments across the full spectrum of education, employment, healthcare, and social security.

No single action can open the door to the silver economy alone: governments need to provide supportive policies, the private sector must drive innovation and investment, academia should contribute evidence and forward-thinking insights, and society must ensure solutions are rooted in real-life contexts.

China’s proactive measures to address population aging—ranging from promoting the integration of health and eldercare systems, developing age-friendly products and services, to prioritizing the silver economy—offer valuable lessons to the international community. The overarching experience across the region is clear: collaboration, adaptability, and long-term thinking are essential.

Ultimately, the measure of success for the silver economy should not be merely the growth of new markets. A more meaningful standard is whether longer life spans truly translate into better lives—healthier, more secure, and more fulfilling lives. (Authors: the UNFPA Representative in China and the Dean of Peking University’s New Structural Economics Institute)