(Yicai Global) Jan. 25 -- China must pay attention to living and healthcare arrangements for its rapidly growing elderly population, Nobel laureate Sir Angus Stewart Deaton said at the 2018 Sina&CMIG Business Leaders' Summit in Davos.
China's economy has expanded quickly in the past decade, and residents have become happier, said Deaton, who is a senior advisor for China Minsheng Investment Group Corp. Much of the world prefers the Chinese leadership to the US administration, per Gallup data.
"In China, children earn much more than their parents did, on average, and many elders have substantial savings," Deaton said. Economic development has been swift, and children who are better off than their parents can afford to support older generations, helping pay for their housing, accommodations and health care, he said.
Hui Wang, chairman of CMIG Futurelife, a unit of CMIG, gave her solution for Chinese commercial elderly care at the summit -- communities. "Communities, as the environment where most people spend the longest time and which relate most closely to people's daily life, constitute a major platform for consumption upgrades," Wang said. "Consumption upgrades and commercial innovation and improvement in communities can most directly improve the well-being of their members."
CMIG Futurelife, a community-based consumption and in-home aged care platform, is the largest enterprise in China engaging in community management and services. It has already established a nationwide three-tier urban aged care network, an online elderly services platform and an industrial alliance in the aged care business. It is fueling innovation and development in the Chinese home-based aged care industry through industrial and capital cooperation.
"This is an area where CMIG is doing good work, expanding the network of in-home care for the elderly, and providing a market opportunity for children to finance the happy and independent lives of their parents and grandparents," Deaton said.
Entrepreneurs and scholars including Baidu Inc. President Zhang Yaqin, National Institute of Financial Research Tsinghua University Deputy Director Zhu Ning and KPMG Asia Pacific Chairman Honson To attended the summit.
China Minsheng Investment Group is a leading global investment firm.
Committed to responsible investment, CMIG focuses on emerging sectors closely tied to people's livelihoods and actively promotes industrial upgrading and economic transformation. These principles help to guide its long-term strategy and establish CMIG as a respected, trustworthy investment group and a global leader in the field.
By leveraging advantages in talent, professional experience and capital, the company has developed a strong presence in China and countries participating in the Belt and Road Initiative. CMIG, through global industrial, capital and cultural exchange platforms, is both spurring sustainable investment and helping transform China's economy.
Some 59 leading private companies founded CMIG in 2014 with CNY50 billion (USD7.9 billion) of registered capital.