China's eldercare subsidy program drives $1.66 billion in consumption

A subsidy program for eldercare services targeting seniors with moderate to severe disabilities has driven 11.5 billion yuan ($1.66 billion) in consumption since its nationwide launch at the start of the year, authorities said on Tuesday.

More than 3.32 million consumption vouchers worth 2.35 billion yuan have been redeemed, benefiting over 1.05 million disabled elderly, Li Banghua, an official at the Ministry of Civil Affairs, told a news conference.

The figure was still rising, he said.

The program, which followed pilot schemes in selected regions last year, was mandated in the government work report released during the annual meeting of the National People's Congress earlier this month.

Li described the initiative as an example of a nationwide "investment in human capital" policy in the service consumption sector.