Elderly care boosts 'silver economy'

BEIJING - Traveling has become an indispensable part of the life of Zhang Xuemin, a 66-year-old retiree. Having already made two trips this year - one to Taiwan and the other to Shanxi - he is now planning another tour.

After retiring from a factory in Beijing, Zhang and his wife spent 30,000 yuan (about $4,241) to 40,000 yuan each year on traveling. Their annual pensions add up to about 72,000 yuan.

"We don't worry too much about spending money on things we want, because we have pensions and medical insurance, which make us feel secure," said Zhang.