China has said it will encourage public-private partnership (PPP) in the senior care industry.
Wider use of PPP should introduce more private investment into the elder care industry, according to a document released by the Ministry of Finance, the Ministry of Civil Affairs and the Ministry of Human Resources and Social Security.
With this move, elder care services should expand and become more efficient and jobs will be created, the document said.
China had more than 230 million people aged 60 or above at the end of 2016, 16.7 percent of the total population, according to the Ministry of Civil Affairs. The country's elderly will account for about one-quarter of the population by 2030.
However, there were only 31.6 beds in care homes for every 1,000 senior citizens at the end of 2016, according to the ministry.
The government will also encourage the management of public elder care facilities and community elder care services by private operators, the policy document said, with elder care integrated with fitness, medical care, education and recreational services.
Authorities should increase spending, while financial institutions should support PPP projects, according to the document.