BEIJING (Reuters) – China is about to relax laws for foreign aged care companies in an effort to appeal to investment, the State Council stated in a press release issued on Friday.
The assertion stated China will loosen approval processes for foreign aged-care companies and encourage abroad buyers to set up non-profit pension funds.
China is dealing with the looming challenges of a quickly ageing inhabitants, pushed partially by its restrictive one-child coverage which was partially relaxed in 2015.
The nation opened the business to for-profit investment in 2014, permitting some foreign buyers to handle wholly-owned companies within the sector, albeit beneath shut surveillance and cumbersome approval processes.
According to UN knowledge, the variety of Chinese individuals over 80 will surge three-fold to 90 million, making it the most important aged inhabitants on the earth.
Currently the nation’s aged care infrastructure is critically underdeveloped. China additionally has robust tradition of filial piety, stigmatizing those that choose to put aged family members in nursing amenities.
The discover additionally reiterated earlier commitments to absolutely liberalize the aged care market, setting a 2020 deadline.
(Reporting by Cate Cadell; Editing by Himani Sarkar)