On October 18, 2024, the Financial Street Forum annual conference kicked off in Beijing. During the parallel forum titled “China-Japan Economic and Financial Cooperation: Deepening Economic and Financial Partnerships for Future Development,” former Deputy Director of the State Council Development Research Center, Hou Yunchun, emphasized the importance of addressing aging populations and developing a silver economy. He stated that these are significant challenges facing both China and Japan, requiring a collaborative effort from a government that ensures social security, a society that supports its elders, responsible companies, and financial institutions that offer warm, accessible services.
Hou highlighted the growing demands of elderly individuals in both countries for healthcare, retirement services, and financial products, suggesting that this creates ample market opportunities for financial cooperation focused on the silver economy. He called on the governments of China and Japan to enhance communication and coordination at the policy level to provide strong support for financial collaborations in this area.
He laid out several key areas for cooperation:
1. **Accelerating Financial Innovation and Integration:** Foster strategic collaborations between financial institutions in both countries to continuously innovate financial products and services tailored for the elderly. There should also be an exchange of experiences in risk management and customer service to improve service quality and efficiency.
2. **Strengthening Capital Market Collaboration:** Work together to support financing and listing for enterprises related to the silver economy, providing them with robust funding and risk diversification tools.
3. **Promoting Deep Integration between Finance and the Silver Economy:** Enhance cooperation in sectors such as elderly care, healthcare, and leisure tourism to develop a comprehensive silver economy supply chain and foster its growth.
4. **Advancing Financial Technology Applications:** Collaborate on innovative applications of financial technology, utilizing advanced tools such as the internet, big data, and artificial intelligence to enhance the intelligence of financial services and offer elderly customers more convenient, efficient, and personalized experiences.
5. **Enhancing Talent Development and Exchange:** Cultivate professionals with interdisciplinary knowledge through talent exchanges and training, thereby improving the expertise and innovative capabilities of both countries in the silver economy sector.
