Policy Address

Develop Silver Economy

135. Given the rapid expansion of the silver market, there is growing demand for products and services catering to the elderly. Developing new products and services to meet the needs of the elderly will help enhance their quality of life, and also generate business opportunities.

136. The Government will set up a Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration. The working group will implement measures in five areas:

  1. boosting "silver consumption" – We will work with all sectors to foster elderly-friendly consumption, and encourage incorporation of silver economy elements into their business, for example, by offering discounts to the elderly. Efforts will also be made to safeguard the rights and interests of elderly consumers;

  2. developing the "silver industry" – We will promote marketisation and industrialisation of products catering to the elderly by consolidating funding resources to support product provision and market expansion by the business sector;

  3. promoting "quality assurance of silver products" – We will promote the certification of products catering to the elderly to enhance their recognition and appeal. Standards adopted will be aligned with those of the Mainland and overseas to facilitate sales network expansion;

  4. enhancing "silver financial and security arrangements" – We will assist the elderly in making proper financial arrangements and strengthening their financial security. Relevant measures include promoting retirement financial planning products offered by the Hong Kong Mortgage Corporation Limited, and providing investor education for the elderly; and

  5. unleashing "silver productivity" – We will help unleash the productivity of the elderly through retraining, re-employment and other measures.