China will fully open its elderly care market by 2020, according to a General Office of the State Council statement Friday.
The move will substantially increase the supply of products and services in the market, standardize regulations and raise service quality, the statement said.
Foreign investment in the sector will be facilitated and administrative approval procedures simplified, it said.
China's aging society is a major social issue. There are currently more than 220 million people over 60 years old in the country, 16.1 percent of the population, with numbers growing.
A total of 15.3 percent of senior citizens believe they need to be taken care of, more than double the number in 2000, putting significant pressure on the government.