1、 ANALYST CERTIFICATIOANALYST CERTIFICATION AN AND IMPORTANT DISCLOSND IMPORTANT DISCLOSURES ARE LOCATED IN URES ARE LOCATED IN APPENDIX A.APPENDIX A.Yuanta does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conf

2、lict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Figure 1:Figure 1:Proportion of Proportion of aging paging population opulation(aged aged 65+65+)to rise to 23.1%)to rise to 23.1%/28.9%

3、/28.9%by by 2035F/2050F2035F/2050F Source:National Bureau of Statistics,World Bank,Yuanta Figure Figure 2 2:Chinas elderly care sector Chinas elderly care sector scale scale to reach RMB20 tn by 2030Fto reach RMB20 tn by 2030F Source:National Health Commission,Yuanta China Strategy Rapidly growing a

4、ging population in China;great potential for silver economy C China tohina to become abecome a severeseverelyly aging aging society from 2033society from 2033,with the aging,with the aging population to nearly double by 2035F:population to nearly double by 2035F:As baby boomers born in 1960s/1970s a

5、re growing old and the birth rate continues declining,we expect China to become a severely aging society from 2033F.We may see potential impact on economic development,given the aging population will likely rise 63%to 310 mn by 2035F vs 2020,with the proportion of elderly population to climb 10.3 bp

6、 to 23.1%,which will be accompanied by demographic dividend declines,higher fiscal pressure and changes in social consumption structure.C China encourages to set up a modern elderly care system;silver economy hina encourages to set up a modern elderly care system;silver economy has just been unfoldi