Australian aged care providers are moving into China, encouraged by the size and demographics of the ageing population and the growing middle class able to pay for aged care for their parents and their future selves.
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Every three seconds another person in China turns 65, making it the fastest ageing population in the world, the inaugural Australia-China Aged Care Industry Development Forum heard on Monday.
A first-of-its-kind forum aims to connect Australian and Chinese aged care stakeholders to facilitate improved business opportunities between the two countries.
China’s rapidly growing population of middle class seniors offers opportunities for Australian aged care providers, but those interested in entering the “complex market” should go in early, Austrade says.
Large not-for-profit aged care provider RDNS has entered into an agreement with two health care organisations in China to set up home nursing services in the city of Qingdao, with an eye to further expansion.
Delegates from the first Australia-China International Aged Care Summit have said the Chinese aged care market represents “enormous” opportunity, but warned investment must be a considered process.
The Federal Government says it wants a discussion on accessing home equity to meet the costs of Australia’s ageing population, but so far has dismissed one proposed means of enabling it.
With the China-Australia Free Trade Agreement paving the way for Australian aged care providers to set up in the world’s second largest economy, the opportunities are potentially enormous as China seeks to double its aged care beds by 2020.
The opportunities for Australian aged care providers presented by China’s ageing population has been the subject of industry discussion for some time, but a leading Victorian provider has taken the initiative.