China to hold annual trade fair for aging industry

China will hold trade fairs for the senior care and products industry every year starting in 2014 as the country faces challenges from an aging population, the country's National Committee On Aging (CNCOA) said Tuesday.

The trade fair, which is aimed at promoting the aging industry and services, will include product exhibitions, economic and trade cooperation, exchanges among industries and expert forums, said the CNCOA.

The trade fair will promote new ideas and services to meet senior citizens' material and other needs. The first fair will be held in July 2014 in the south China city of Guangzhou, the CNCOA added.

The Chinese population has been aging rapidly for years. Zeng Qi, secretary-general of the China Elderly People's Industry Association, said the number of people aged 60 and above will exceed 200 million in 2013, and 400 million in 2033.

Zeng said the market size of the aging industry will reach 3.3 trillion yuan (543.5 billion U.S. dollars), but that the current aging industry falls far behind senior citizens' needs.