China ramps up financial services for elderly

BEIJING, Nov. 14 (Xinhua) -- China's top financial regulator on Thursday urged financial institutions to improve services for the elderly, in a bid to address the needs of an aging population.

According to a guideline issued by the National Financial Regulatory Administration, financial institutions are tasked with optimizing branch layouts, upgrading facilities for seniors, enhancing mobile APPs, and promoting the use of portable smart services, among others.

The guideline also emphasized the development of elderly-friendly financial products and services, as well as strengthening consumer protection for the elderly clients.

In the coming period, the administration said it will support financial institutions in implementing these measures, and guide industry associations in developing standards for elderly-friendly services.

Official data shows nearly 300 million Chinese citizens are aged 60 or above -- a figure projected to surpass 400 million by 2033 and approach 500 million by 2050. At that point, seniors are expected to account for nearly 35 percent of the nation's population.