China steps up support for home services industry

BEIJING - China has rolled out measures to bolster its home services industry, in response to the demands of its aging population, the Ministry of Commerce said Monday.

The ministry, in collaboration with relevant departments, has offered an array of tax incentives, startup subsidies and financial assistance aimed at enhancing the industry's quality and growth, said MOC official Zhu Guangyao at a press conference.

Zhu said that China's home services industry currently employs around 30 million people, yet the industry's demand exceeds 50 million. Efforts are thereby underway to increase the workforce.

For instance, the ministry is encouraging job fairs to go online to better connect jobseekers with potential employers, and for training courses to be run online, according to Zhu.

The official added that employment will increasingly focus on home-based elderly care to meet the rising demand in this area.

China has previously released a guideline to strengthen the "silver" economy, which incorporates economic activities that cater to senior citizens with tailored products and services, and prepare for the challenges of an aging population.

Official data showed that China's population aged 60 and above had reached 297 million by the end of 2023, accounting for 21.1 percent of the country's total population.