Refinitiv Newscasts - China's ageing population adds to care burden

GIB Capital

09/07/2021 13:36

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_wej57nbx&referenceId=tag:reuters.com,2021:newsml_OVEL4J6NF_K15&pageId=RefinitivNewscasts
Source: Thomson Reuters

Description: China had 264 million citizens aged 60 and older in 2020, a
number set to increase rapidly just as the working population shrinks. But
while care homes play a key role in ageing countries like Japan, China's
relative lack of wealth and a dearth of qualified carers has hamstrung the
sector. Olivia Chan reports.
Short Link: https://refini.tv/3hp3TgR

Video Transcript:

>> This is a birthday party at elderly care home Heyuejia in Beijing with
spacious rooms, nutritious food, and even dance shows on offer. Staying here
comes with a price tag of over $1,500 a month. Prices also vary depending on
the level of care needed. Wang Yiguang is a retired scientist who moved into
Heyuejia in 2018 with her husband. >> After all, I'm old and my children are
not around. Here there is someone here to help you at any time and a doctor
can tell you if you need to go to the hospital, so I feel a lot more at ease.
>> China had 264 million citizens aged 60 and older in 2020, a number set to
increase rapidly just as the working population strengths. Experts says, until
recently, almost all elderly people were looked after by relatives. But
shrinking families, migration, and a decline in a sense of filial duty has
lead to the ''erosion of family support system.'' That's when governments
started subsidizing care home facilities. More than 40,000 registered homes
have been built in recent decades. But the average occupancy rates are as low
as 50 percent according to official data. Far lower than the 80-90 percent
rates seen in Japan or the UK. Experts say this is down to China's relative
lack of wealth, high fees, and lack of qualified carers. China planned a
decade ago to train six million caregivers by 2020, just 300,000 were
qualified by 2017 according to a report cited by State News Agency, Xinhua.
For families like [inaudible 00:01:55] they simply cannot afford care homes.
Her husband had a stroke at 55, he can no longer speak and uses a wheelchair.
>> You asked me whether I'm worried about getting old, but what can I do? I
don't have much money. The country gives me 800 Yuan a month and it's enough
for buying food but it's not going to be enough if I get seriously ill in the
future. >> Even if the family could afford care homes, there's responsibility
of taking care of her two grandchildren that make it impossible