"Foreign enterprises are welcome to participate in the development of China's elderly care industry," Premier Li said while meeting representatives of overseas attendees to the China Development Forum 2021 via video link from Beijing on March 22.

"The elderly population over the age of 60 has reached more than 260 million in China, creating huge demand potential for multi-layer elderly care services. The elderly care industry is actually a sunrise industry," the Premier said.

When a person in charge of a foreign financial enterprise asked what role foreign companies will play in the development of China's elderly care market, the Premier said that the Chinese government is improving and consolidating its basic old-age insurance system and developing commercial pension insurance at the same time.

China is gradually opening up its financial services sector, which includes not only the banking sector, but also the insurance sector, he said.

There is huge market potential in China for the insurance industry and elderly care products, which will create more opportunities for foreign enterprises to invest in elderly care products and services in China, he added.

He also said there is still a lot to learn from international advanced experience in terms of the development of elderly care products, operation and management of commercial insurance, among other things, and foreign elderly care products are welcomed to enter the Chinese market in an orderly manner.

The Chinese government is committed to creating a level playing business environment, where domestic and foreign enterprises are treated equally, the Premier said, adding that elderly care products appropriate to the physical condition and actual needs of China's elderly are welcomed.