Hong Kong, May 27, 2025 – The Hong Kong Special Administrative Region (HKSAR) Government, led by Deputy Chief Secretary for Administration Cheuk Wing-hing, announced 30 new measures today to promote the silver economy. These initiatives, unveiled at a press conference, aim to address the challenges of an aging population while unlocking economic opportunities. Joining Cheuk were Secretary for Commerce and Economic Development Algernon Yau, Deputy Secretary for Financial Services and the Treasury Joseph Chan, Deputy Secretary for Labour and Welfare Ho Kai-ming, and Deputy Secretary for Innovation, Technology and Industry Lillian Cheong. The measures span five key areas, including promoting elderly employment, enhancing silver economy products and services, and fostering innovation in related industries.
Addressing a Global Trend with Local Urgency
Cheuk Wing-hing highlighted the pressing need to act, noting, “Population aging is a global trend, and Hong Kong’s situation is particularly pronounced. According to the Census and Statistics Department, by 2043, one in three Hong Kong residents will be elderly.” He emphasized the dual approach of tackling challenges while capitalizing on the silver economy’s potential. The government plans to encourage individuals aged 50 and above to re-enter the workforce and will introduce tailored products and services in healthcare, tourism, retail, and technological innovation to meet the needs of the elderly.
Industry Backs Government’s Vision
The Federation of Hong Kong Industries (FHKI) promptly endorsed the government’s initiatives. FHKI Chairman Dr. Sunny Chai stated, “The silver economy presents new opportunities for Hong Kong’s manufacturing and service sectors. Our member companies are ready to invest in medical technology, smart home products, and premium consumer goods to meet the diverse needs of the elderly.” Chai affirmed FHKI’s commitment to collaborating with the government to drive high-value manufacturing and innovative technology applications, particularly in the Greater Bay Area (GBA) and Southeast Asian markets.
FHKI’s prior collaboration with Standard Chartered Bank (Hong Kong) Limited through its GBA think tank explored how Hong Kong manufacturers can leverage opportunities in mainland China and Southeast Asia. Dr. Chai elaborated, “By adopting a strategy of ‘Hong Kong headquarters, GBA industrialization, and Southeast Asia mass production,’ manufacturers can align with silver economy trends to boost competitiveness.”
Untapped Potential of the Silver Economy
With the elderly population projected to grow, the government anticipates seniors will become a significant consumer group. The 2023 Chief Executive’s Policy Address established a Silver Economy Advisory Group, chaired by Secretary Algernon Yau, to study market demand and growth potential. The group includes representatives from business and social welfare sectors.
During the press conference, media inquired about specific targets for re-employing individuals aged 50 and above. Cheuk responded, “We haven’t set numerical targets but will focus on industries like healthcare, retail, and tourism, which align closely with the needs of the silver demographic.” He also announced training programs to enhance seniors’ digital skills and workplace adaptability to meet future labor market demands.
Collaborative Efforts from Industry and Academia
A 2021 study by the University of Hong Kong’s Hong Kong Economic Research Centre, conducted for FHKI, revealed that Hong Kong’s manufacturing sector generated economic benefits in mainland China equivalent to 23.7% of Hong Kong’s GDP. This underscores the city’s potential in high-value manufacturing and services. FHKI urged the government to formulate long-term industrial policies to promote silver economy innovations, such as medical assistive devices and smart home systems.
At recent knowledge-sharing forums, scholars and industry leaders stressed the need for Hong Kong to accelerate its high-tech manufacturing transformation and strengthen ties with the GBA and Southeast Asian markets to navigate global supply chain challenges. These strategies position Hong Kong to lead in the silver economy.
A Vision for the Future
Both the government and industry view the silver economy as not only a response to demographic shifts but also a catalyst for economic diversification. Through policy support, corporate innovation, and regional collaboration, Hong Kong aims to carve out a new chapter in the silver market. Cheuk concluded, “With these 30 measures, we hope to enable seniors to live healthier, more dignified lives while injecting fresh momentum into Hong Kong’s economy.”
For more details, visit the government’s news website (www.info.gov.hk) or the FHKI website (www.industryhk.org).
