The Second Xi'an International Elderly Industry Expo got underway in Shaanxi province, Northwest China on Friday, aiming to showcase industrial development and attract domestic and foreign investment.

Co-hosted by the People's Government of Xi'an City and the Department of Civil Affairs of Shaanxi Province, the event serves as a comprehensive platform for elderly care industry resources, integrating product display, cooperation negotiation, and cultural promotion, as well as to showcase the sector’s latest achievements, foster collaborations and enhance exchanges in relevant domains.

During the inauguration, attendees emphasized the importance of boosting cooperation in the silver economy's growth, advancing elderly travel and healthcare, facilitating cultural interactions, expanding inter-provincial partnerships, sharing resources and accomplishments, and collectively advancing the elderly care industry's high-quality development.

After the opening ceremony, the "100 Billion Yuan Action Plan for the Development of the Elderly Care Industry" was launched, with 13 financial and insurance institutions pledging a total of 116.5 billion yuan ($16.49 billion) between them.

The main venue of the expo is hosting nine themed exhibition areas - government groups, elderly care service brands, smart solutions, aging friendly products, rehabilitation aids and nursing, innovation in elderly care finance, comprehensive travel and health care services, health management and silver hair consumption, senior universities, and cultural arts.

More than 300 domestic and foreign enterprises in elderly care are participating, showcasing a diverse array of over 3,000 elderly care products and services, spanning daily care, health management, technological applications and cultural entertainment.

As of the end of last year, China's elderly population aged 60 and above had surged to 296.97 million, comprising 21.1 percent of the total populace, up from 14.9 percent in 2013, as per the 2023 National Aging Development Bulletin released by the Ministry of Civil Affairs and the National Aging Office.

The expo's launch has bolstered Xi'an's standing as a premier hub for health and wellness industries and a nucleus for the silver economy in central and western China. It serves as a vital platform for global collaborations and exchanges within the elderly care sector.