South Korea, China discuss joint push into silver economy amid rapid aging

South Korea and China have discussed expanding policy exchanges and boosting business cooperation in the silver economy as both countries grapple with rapidly aging populations.

The Ministry of Planning and Budget announced Friday that it co-hosted a director-level meeting on silver economy cooperation and a business exchange forum with China's National Development and Reform Commission on Thursday at the National Exhibition and Convention Center in Shanghai.

The events were a follow-up to a memorandum of understanding on silver economy cooperation that the two governments signed on the sidelines of the Asia-Pacific Economic Cooperation summit in Gyeongju last November. They were held to coincide with the 9th China International Import Expo.

At the director-level meeting, the two sides shared updates on silver economy development and key policy challenges, and discussed avenues for cooperation. Both countries agreed that rapid population aging should be viewed not merely as a growing social welfare burden but as an opportunity to invigorate domestic markets and generate new engines of growth.

To that end, the two sides discussed regularizing the director-level silver economy cooperation meeting and establishing permanent exchange channels between research institutions and businesses.

The business forum that followed drew 13 companies in total — seven from South Korea and six from China. Officials from public institutions including the Korea Health Industry Development Institute, Korea Trade-Investment Promotion Agency (KOTRA) and China Development Bank also attended.

Participating companies introduced their technologies and products and shared the areas in which they hoped to collaborate. The companies expressed confidence that combining innovative technology, high-quality products and industrial infrastructure could generate synergies capable of leading the global silver market.

Kim Jun-gi, head of KOTRA's Shanghai trade office, said the agency would "actively serve as a platform supporting exchanges and cooperation between businesses of both countries, including identifying local partners, so that this event can translate into tangible export and joint investment outcomes."

Lee Byeong-yeon, the ministry's integrated growth policy director, said the need for cooperation in the silver economy was growing as aging deepens in both countries, and that demand for business collaboration was rising as well. "We will ensure this event does not end as a one-time occasion, and will continue to pursue policy exchanges between the two governments and exchanges among businesses and research institutions in the silver economy sector to create future growth engines," Lee said.