Citi花旗银行：2026年中国银发经济：医疗与保险报告（英文版）

China's Demographic Shift Fuels Healthcare & Insurance Growth — We estimate non-reimbursable healthcare expenditure was Rmb3.2tn in 2025, up at a 7.2% CAGR to Rmb6.5tn by 2035E, driven by older adults' higher healthcare spending and as the public system can no longer pay up for tailored personal needs. Benefiting from this trend, innovative drug sales could grow at a 15% CAGR by 2035E (vs. ~6% in the US on Citi estimates. We believe commercial insurance is set to capture a larger