Deputy Chief Secretary Cheuk Wing-hing today chaired the first meeting of the “Working Group on Promoting Silver Economy” to commence co-ordination of relevant bureaus’ work plans.

The Chief Executive announced in the 2024 Policy Address that a working group, chaired by the Deputy Chief Secretary, would be set up and would commence work by the end of this year.

The working group will implement measures in five areas: boosting so-called silver consumption; developing “the silver industry”; promoting quality assurance in silver-related products; enhancing silver financial and security arrangements; and unleashing silver productivity. The measures are aimed at meeting the growing needs of elderly Hongkongers and helping firms to seize relevant business opportunities.

Mr Cheuk said developing the silver economy in response to population ageing will be vital to people’s livelihoods and well-being. He outlined that the silver economy encompasses a wide range of sectors and has a long industry chain, adding that its burgeoning market signifies substantial development potential. Accelerating the silver industry’s growth requires co-ordination of various policies, he said.

The working group will co-ordinate the efforts of relevant bureaus in formulating supportive policies and measures across the above-mentioned five areas. It will strive not only to inject vitality into Hong Kong’s overall economy, but also to deliver high-quality silver product and service models that allow the elderly to share the fruits of the city’s development.

Bureaus will work on the details of their work plans over the next six months, in order to formulate initiatives and measures for implementation in the first half of next year. Mr Cheuk added that the working group will monitor the progress of bureaus in doing so.

At today’s meeting, the working group reviewed bureaus’ initial work directions across each of the five areas, and discussed ways of strengthening collaboration among bureaus and departments.

The working group’s other members include the Secretary for Commerce & Economic Development, the Secretary for Labour & Welfare, the Secretary for Innovation, Technology & Industry, the Secretary for Financial Services & the Treasury, and the Secretary for Health.