The China-Japan pension service cooperation forum, October 23, 2018. (Photo: CGTN )

Aging societies are a worldwide trend. Yet China might not be ready for its graying population – the largest in the world.

The country's aging society is growing rapidly, twice as fast as the world average between 2000 and 2017.

Since 2016, China's pension service industry has been opening comprehensively to foreign capital.

This year marks the 40th anniversary of the conclusion of the China-Japan Treaty of Peace and Friendship, and the first China-Japan pension service cooperation forum was held on Tuesday in Beijing. 

It was jointly organized by the National Development and Reform Commission (NDRC) and the Japanese Ministry of Economy, Trade and Industry (METI). With 400 representatives in attendance, experts discussed pension service systems, health care development, and intelligent pension industries in both countries. 

"As society ages, it has a profound and long-term impact on the economy, society, and culture. In 2017, the number of people aged 60 or above in China exceeded 240 million, accounting for 17.3 percent of its population. Japan also has a rapidly aging population. To speed up pension service industry development, and to learn from each other's useful experience is important for both countries", said Ou Xiaoli, director general of NDRC's Social Development.

China hopes to carry out technical cooperation with Japan to build an exchange platform for elderly care services and improve the system of elderly care personnel.

While Japanese companies see China as a huge market with enormous potential, the two countries have complementary strengths in the pension service industry.