PETALING JAYA: Continued progress is being made by financial institutions to build their capacity to manage climate risks while supporting their clients to transition, according to Bank Negara.
GUANGDONG : Just a few months after opening his first pet clinic in Hangzhou in early 2019, Yang Zhong, the founder of Joy Pet Hospital, launched two more branches.
Yang is riding the boom of the growing pet economy in China, where dogs and cats have become increasingly popular companions for the country’s growing ranks of elderly people and single young adults amid falling marriage and birth rates. Pets probably now outnumber infants and toddlers in China, according to a recent Goldman Sachs report. It is estimated that there were over 120 million pet dogs and cats in China in 2023, with the number of pet cats up 1.1 percent year-on-year, and the number of pet dogs up 6.8 percent.
A girl wearing a face mask rides on a man's shoulders as they walk along a tourist shopping street in Beijing, Oct. 7, 2022. China has announced its first overall population decline in recent years amid an aging society and plunging birthrate. -- Photo: AP "The rise of the pet economy is driving the demand for talent, especially in the field of pet healthcare," Yang said.
According to Euromonitor data cited in a report by China International Capital Corporation analysts, there were over 27,000 pet hospitals and clinics in China in 2023 compared to 32,690 in the United States and 12,706 in Japan. On average, each pet hospital in China serves 6,862 pets, 1.25 times the number in the US and 5.5 times that in Japan.
The average investment per hospital was around 1.57 million yuan, and their average size was just over 290 square meters . "As Chinese society places more importance on pets, the demand and profit potential of the pet medical market will continue to grow, and young practitioners can find better opportunities for development in this industry."
Pets are displayed for adoption at an event organized by Qingdao Society for the Prevention of Cruelty to Animals in Qingdao city, China, in November 2024. -- Photo: Xinhua
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