China is considering to introduce a retiree visa for foreign nationals to boost its elderly care industry and improve the country’s international image. Jia Qingguo, Delegate to the Chinese People’s Political Consultative Conference (CPPCC), the country’s top political advisory body, submitted a proposal along these lines during its annual session in early March. He called for the early introduction of a conditional retirement visa available to foreign retirees, which would be valid for one to three years. The international relations professor from Peking University pointed to the example of Thailand, saying that holders of its retirement visa spent an average of USD24,000 annually. “Based on this standard, if China attracts 50,000 foreign retirees each year, they may create more than USD1.2 billion in consumption in medical care and cultural entertainment,” said Jia. He suggested that foreign retirees could be given long-term or permanent residency if they met certain conditions.
“Foreign retirees living in China would experience Chinese culture firsthand and gain a deeper understanding and appreciation for the culture, social system and foreign policies. They would become unofficial ambassadors for cultural exchange between China and their home countries and help enhance China’s international image and influence,” he wrote in the proposal. Jia argued that the stable pension incomes and considerable purchasing power of foreign retirees could boost domestic consumption.
China has a rapidly aging population that has fueled growth in services and products aimed at older adults in what is known as the silver economy. According to Jia, the demand for high-end care services from foreign residents would drive improvements in industry standards. In January last year, Beijing issued new guidelines calling for improvements in elderly care services and for fostering smart healthcare and elderly care industries. The Chinese government has said it aims to have an action plan for dementia in place by 2030, encompassing all aspects of the disease, from prevention and early detection to treatment. Jia said his proposal could also help redress the structural imbalances in the Chinese real estate market. He said many cities have both a high rate of vacant properties and a mismatch of supply and needs in senior care facilities. “By attracting foreign retirees to lease or buy homes tailored to senior living, there is potential to revitalize these underused properties,” he said, as reported by the South China Morning Post.
