Editor's note: Guangming Daily spoke with Lai Desheng, a professor of the Department of Sociology and Ecological Civilization of the Party School of the CPC Central Committee; Song Yang, a professor of the School of Economics of Renmin University of China; and Yan Xiaofei, a professor of the School of Labor Economics of China University of Labor Relations, on how to better improve people's well-being in the new five-year plan period starting this year. The views don't necessarily represent those of China Daily.

Satisfying people's needs is not only the ultimate goal of development but also a key pathway for driving economic growth.

For instance, as China's population ages — with the number of older adults increasing rapidly and families getting smaller and less able to take care of their elderly members — the demand for eldercare services presents vast development opportunities for the eldercare industry.

Another area with great potential is the housing sector, as new residents in cities — such as migrant workers who just got their urban household registration and fresh college graduates — are in need of housing.

Additionally, a significant number of urban residents want better housing. Statistics show that more than 30 percent of the country's existing housing stock was built in urban areas before 2000.

As a result, the renovation of old neighborhoods has huge potential, as many cities still have large "urban villages".

Urban renewal and the construction of affordable housing projects can drive the development of many industries such as construction, building materials, refurbishment, property management and the smart neighborhood technologies.

China also faces a significant shortage of highly skilled talents, and the lifelong learning system is not yet fully developed. The needs of migrant workers, gig workers and older adults to enhance their skills and continue learning are not being effectively met.

Therefore, the vocational education market has enormous potential, and cooperation between schools and companies, skills training and online education could become new growth drivers.

Yet the most important indicator of a happy life is health. The average life expectancy in China has reached 79 years. Yet shortcomings remain in the supply of high-quality medical resources. Greater efforts are called for to promote equal access to basic public health services and meet the diverse health needs of residents.

In recent years, the vigorous development of the national fitness drive and grassroots sports in China demonstrates how people's needs for better health have boosted economic growth.

As the per capita disposable income rises and living standards improve in China, cultural and tourism consumption has become a necessity for many families. And this comprehensive industry boosts the development of various other sectors, serving as an important engine which expands domestic demand and drives economic growth.

In order to meet people's aspirations for a better life, the country needs the market to be efficient and the government to be proactive. Investment in physical assets needs to be combined with investment in human capital, and various entities should be encouraged to participate in efforts to improve people's lives.