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On Tuesday 27 October at Hall & Wilcox Lawyers, ACBC Victoria welcomed Dr Chuyang Liu, Trade Commissioner and Commercial Counsellor from Austrade Beijing to discuss China’s growing senior Living and health market and the opportunities this new demand presents for Australian businesses.
Chuyang began her presentation by describing China’s rapid demographic change and with this, the accelerating healthcare needs of 60 year olds and above. There are currently 212 million people in this age bracket (15.5% of China’s population) and this figure is increasing by around 10 million people a year.
China’s healthcare shortage centres on a need for trained human resources, therefore there are a significant number of opportunities available for Australian businesses. Australia’s ability to take advantage of such demand has been further improved by the signing of the ChAFTA. For health and senior living related services in particular, the ChAFTA allows for the establishment of wholly Australian-owned hospitals and aged care institutions in China and new access and certainty for Australian investors in the hospital and aged care services sectors.
Chuyang concluded her presentation by highlighting the importance understanding regional variance when going in to China. She also emphasised Australia’s current ‘first-mover advantage’, which should be acted upon sooner rather than later as growing competition from international and local players manifests.
We would like to thank Chuyang for her involvement, as well as Mark Inston and Eugene Chen from Hall & Wilcox Lawyers for generously hosting the event.