Following is the speech by the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, at the BOC Life 10th Golden Age Expo and Summit Grand Opening this morning (July 31):

Dr Yasuko Arase (Deputy Mayor, Fukuoka City, Japan), Dr Roy Chung (Honorary President, Golden Age Foundation, Founder and Chairman, Bright Future Charitable Foundation), Mr Wilson Tang (Chief Executive Officer, BOC Group Life Assurance Company Limited), Dr Donald Li (Chairman of Elderly Commission), Professor Rebecca Choy Yung (Founder and Chair of Golden Age Foundation), distinguished guests, ladies and gentlemen,

     Good morning. It is my great pleasure to join you today at the grand opening of the 10th Golden Age Expo and Summit. 

     I would like to thank the Golden Age Foundation for your meaningful contribution to our community. Over the past decade, this flagship event has established itself as a vital platform for fostering collaboration between the public and private sectors. I learned that the last edition in 2024 saw a record-breaking attendance of over 40 000 from around the globe. Such enthusiastic participation is strong evidence of the enormous potential of silver economy. This year's theme, "A Decade of Innovation: From Silver to Gold", further underscores the transformative journey we have embarked on using innovation to confront the complexities of an ageing society. 

     Like many highly-developed regions worldwide, Hong Kong is experiencing rapid growth in our elderly population. By 2043, more than one-third of our population will be elderly, creating a tremendous demand for silver products and services in personal care and healthcare, food and beverages, leisure and recreation, financial services, etc. Promoting silver economy not only enhances the quality of life of our elderly, but also creates new impetus for the growth of Hong Kong's economy through emerging industries and businesses.

     To this end, in his 2024 Policy Address, the Chief Executive of Hong Kong announced the establishment of a Working Group on Promoting Silver Economy (the Working Group) chaired by me. In May this year, the Working Group announced 30 measures across five areas, namely: boosting "silver consumption", developing "silver industry", promoting "quality assurance of silver products", enhancing "silver financial and security arrangements" and unleashing "silver productivity".

     In terms of boosting "silver consumption", the Commerce and Economic Development Bureau (CEDB) of our Government has been working with the trade and stakeholders to attract more silver consumption through exhibitions and retail concessions, electronic commerce and catering initiatives. Amongst various exhibitions, this signature exhibition is certainly one of the largest in Hong Kong, showcasing the latest smart ageing technologies, innovative products and services from 200 exhibitors. I am sure that our attendees today can reap the fruits of the business sector's efforts in providing products and services to better meet the elderly's needs and preference. 

     To tap the huge potential of the senior food catering market, with CEDB's support, several large local restaurant chains have introduced various items of Care Food/soft meals recently and have received encouraging response from the market. I am glad that a number of exhibitors here today are also promoting their Care Food products. The HKSAR Government will continue to work closely with the Hong Kong Council of Social Service and relevant stakeholders to raise the community's awareness of Care Food.

     Building a resilient and inclusive financial ecosystem that helps optimise Hong Kong residents' wealth accumulation is important in fostering a thriving silver economy. Echoing the Working Group's measures on enhancing "silver financial and security arrangements", I am delighted to note that there will be a dedicated discussion session on "Unlocking Opportunities in the silver economy: financial planning; savings and insurance decisions; investment strategies wealth and estate management" at this year's Expo and Summit, and my colleague from the Financial Services and the Treasury Bureau will talk about the Government's efforts on this front. 

     Developing silver economy spans across a wide spectrum, from age-friendly designs, medical financing arrangements to gerontechnology. Therefore, we need the support of the entire community, including the business sector, social leaders and the academia, to join hands in accomplishing this mission. I am confident that the insight, experience and best practices shared by more than 100 influential thinkers and leaders at this Expo and Summit will inspire concrete actions and drive positive changes.

     As we celebrate the 10th anniversary of this remarkable event, I thank the Golden Age Foundation once again for organising this visionary summit for our golden and silver agers. I wish the 10th Golden Age Expo and Summit tremendous success, and look forward to seeing innovative solutions and collaborations coming out from this platform. For those of you from the Mainland and overseas, may I also wish you a pleasurable stay in Hong Kong. Thank you very much.

Ends/Thursday, July 31, 2025
Issued at HKT 14:15

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