Chinese insurers cash in on the country's elderly care market

Chinese insurers such as Ping An and China Life, and companies including Taikang, led by Chen Dongsheng, are set to cash in on the emerging elderly care market. China's wealthiest pensioners, looking to enjoy their twilight years in purpose-built retirement communities, can pay up to CNY6,800 per month - more than double the average pension. The State Council, China’s cabinet, has encouraged the development of such businesses to help cope with caring for some of the 220 million elderly Chinese, but critics say the support must also be lent to lower-income pensioners, who earn on average CNY60 a month.

An elderly man pushes his wheelchair in Beihai Park in Beijing. China is projected to have 300 million people aged over 60 in the next decade. Photo: Simon Song