BEIJING — With a burgeoning "silver economy" boosted by a growing number of Chinese seniors, consumption by the age group could contribute about 10 percent of China's gross domestic product (GDP) in 2030, according to a report released on March 1.

Calculated at 2010 prices, the total consumption of the elderly population is expected to reach 12-15.5 trillion yuan (about $1.9-$2.46 trillion) in 2030, accounting for 8.3-10.8 percent of the country's GDP, said the report issued by the China Research Center on Aging.

In 2050, the group's total consumption is estimated to soar to 40-69 trillion yuan, making up 12.2-20.7 percent of the country's GDP, it said.

China has 264 million people aged 60 years and above, accounting for 18.7 percent of its 1.4 billion population, according to the seventh population census conducted in 2020.