Xu Zhengyu: Use multiple measures to improve Hong Kong's elderly care system and promote the silver economy.

On July 24, Hong Kong Financial Secretary and Treasury Secretary Paul Chan Mo-po said that according to the latest population estimates from the Hong Kong government's Census and Statistics Department, the population of elderly residents aged 65 and above in Hong Kong will increase from 1.45 million in 2021 to 2.74 million in 2046, and the proportion of the total population will increase from 20.5% to 36%, meaning that more than one in every three Hong Kong residents will be elderly. The Hong Kong government is fully cooperating with the national strategic direction to enhance the sense of achievement, happiness, and security of the elderly (including middle-class elderly). Following the policy of "aging in place as the foundation, institutional care as the backup", the Hong Kong government provides government-funded long-term care services for frail elderly individuals in need of care, assisting them in receiving appropriate care in the community or in elderly homes. In order to support aging in place, the "Steering Committee on the Promotion of Elderly-friendly Buildings" led by the Deputy Financial Secretary has completed the formulation of a scheme on elderly-friendly building design, and the final scheme, which incorporates public feedback, was announced on July 22. It covers four categories, including (1) promoting spatial accessibility; (2) encouraging flexible and adaptable design of residential units; (3) enhancing the happiness of the elderly; and (4) facilitating the use of elderly-friendly technology and the Internet of Things, which will be gradually implemented through administrative measures and legislative amendments starting from mid this year. In addition, the Hong Kong Development Bureau will also collaborate with the industry to launch a voluntary "Elderly-friendly Building" certification scheme. With the increasing demand for medical services from the elderly, the Hong Kong government is actively deepening the reform of the healthcare system, implementing the concept of "prevention-oriented, community-based" care. Through the "Chronic Disease Management Pilot Programme", Hong Kong citizens with more economic capacity can receive partial subsidies to undergo screening services for "three highs" (hypertension, hyperlipidemia, and hyperglycemia) in private healthcare settings through a co-payment model, encouraging citizens to understand their health conditions through early screening and detect and receive treatment for chronic diseases early. Moreover, the Voluntary Health Insurance Scheme has been fully implemented since April 2019. The accredited products have various attractive features, including guaranteeing renewal until the age of 100 regardless of changes in the insured person's health status, helping elderly individuals obtain medical protection. For middle-class elderly individuals, the aforementioned renewal arrangement can provide them with peace of mind to purchase health insurance, allowing them to use private healthcare services when needed, and help alleviate the pressure on the public healthcare system. On the other hand, the Hong Kong government continues to implement various measures to facilitate Hong Kong's elderly residents in retirement in Mainland cities in the Greater Bay Area. The "Guangdong Elderly Care Facility Service Plan" provides another option for eligible Hong Kong elderly residents to receive subsidized residential care services. With the assistance of relevant authorities, the number of participating Guangdong elderly care facilities has increased to 15, located in six cities in the Greater Bay Area. Since May this year, the Hong Kong government has commissioned non-governmental organizations to provide care and support services to elderly residents and their families participating in the plan, and will launch a two-year trial arrangement by the end of this year to share the cost of medical expenses that elderly participants must bear under the national basic medical insurance policy. The Hong Kong government has also actively promoted cross-border medical cooperation in recent years, such as the implementation of the "Elderly Medical Voucher Greater Bay Area Pilot Scheme" last year, expanding the scope of the Elderly Medical Voucher (EMV) to suitable medical institutions in the Greater Bay Area. The Hong Kong government will continue to expand the "Pilot Scheme" to allow eligible elderly individuals to use the medical vouchers at a total of 21 service points in all nine cities in the Greater Bay Area. In addition to elderly care and medical needs, it is also necessary to address the financial needs of middle-class elderly individuals after retirement to ensure that they can maintain their quality of life and enjoy life in Hong Kong, where life expectancy is increasing. The Hong Kong government has introduced a series of measures to provide more diversified and personalized retirement financial options for elderly individuals with better economic capacity, including the Hong Kong Pension Scheme, Elderly Mortgage Scheme, and Policy Reverse Mortgage Scheme, to assist retirees in converting their assets into long-term and stable monthly annuity income and help citizens deal with the risks of longevity and improve the quality of life in retirement. Facing the new trend of cross-border retirement, in addition to arranging monthly annuity income for spending in Mainland retirement life, the Hong Kong government and the Insurance Authority will continue to encourage insurance groups with relevant experience to develop more cross-border retirement insurance products. At the same time, the Insurance Authority will continue to negotiate with large insurance groups with experience in combining insurance and elderly services, encouraging them to establish a presence in Hong Kong. The MPF system is undergoing various reform measures, including standardizing, streamlining, and automating the Trillions of MPF plans' administrative work through the MPF Platform to make it easier for employees to register and use this one-stop digital platform to access and manage their retirement savings anytime, anywhere. With the approval of the "Full Portability" scheme for the MPF under discussion in the Legislative Council, it will also encourage employees to actively manage their MPF accounts and investment strategies, enabling comprehensive financial education for the elderly through the platform after all MPF contributors are fully transferred to the MPF Platform. As the silver market grows rapidly, the demand for silver products and services among the elderly continues to expand. In last year's Policy Address, the Hong Kong Chief Executive proposed the establishment of a Working Group on Promoting the Silver Economy to encourage the business sector to seize the opportunities brought about by changes in the population structure, inject vitality into the Hong Kong economy, and improve the quality of life for the elderly across various aspects of life. The Working Group recently announced the implementation of 30 measures, including promoting "Silver Consumption" and promoting a series of measures for "Silver Quality Guarantee", which will promote the industry to launch high-quality silver products and services to cater to all silver consumers. The Hong Kong government will fully implement these measures to promote the silver economy while meeting the retirement needs of middle-class elderly individuals. To enhance Hong Kong's innovation and technology ecosystem, the Innovation and Technology Bureau actively encourages public R&D centers to support the transformation, landing, and commercialization of R&D projects related to aging technology. In addition, Hong Kong Science Park and Cyberport, as Hong Kong's flagship innovation hubs, have been committed to providing support services for start-ups, including aging technology start-ups, and will continue to assist start-ups in establishing connections with the industry through various activities. The Hong Kong Social Welfare Department has also expanded the use of the "Elderly and Rehabilitation Innovation and Technology Application Fund" to include aging technology products suitable for home use, eligible grants can be used for the purchase of relevant products by elderly and rehabilitation service units for use by the elderly, disabled persons, and their caregivers at home.