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A think tank comprising elderly talent recently established in Guangzhou, Guangdong province, is playing a significant role in helping accelerate innovation by attracting expertise in various fields including education, economy and science and technology, according to insiders.

"The think tank has helped build an intelligent innovation platform by extensively absorbing academicians and industry leaders in various fields, providing strong intellectual support for local economic development," said Liu Yuelun, president of Guangzhou Elderly University.

The institution, commonly referred to as the silver-haired think tank, is the first of its kind in the Guangdong-Hong Kong-Macao Greater Bay Area. It currently boasts 1,200 members, 36 of whom are academicians from the Chinese Academy of Sciences.

"We are not organizing tea parties for the elderly. Academicians and experts are encouraged to bring projects and resources to make practical contributions to the high-quality development of the local economy," Liu said.

The members of the think tank, which was set up in October, are engaged in several strategic emerging industries such as electronic information, biopharmaceuticals and intelligent manufacturing.

Xu Ningsheng, a CAS academician and member of the think tank, said the best way to ensure that silver-haired experts "play a real role" in local development is by "building a team and letting them work together".

Noting that the CAS has a large number of foreign academicians, most of whom are over 70 years old, he said that silver-haired experts have played an important role in academic exchanges between China and other countries.

"They still play a special role in the development of science and technology, education and economy," said Xu, who is also former president of Fudan University.

As one of the first experts to join the think tank, he is leading a team in research and development of a project involving optoelectronic integration, in cooperation with semiconductor company Guangzhou CanSemi Technology.

The project, which is the first of its kind being handled by the think tank since its establishment, integrates resources from Fudan University and Sun Yat-sen University, chip manufacturing enterprises and government authorities. It has attracted an investment of 2 billion yuan ($278 million).

"High-end, silver-haired experts not only enhance the overall original and integrated innovation capabilities of the Greater Bay Area, but they also have unique advantages in formulating macro strategies and attracting international talent," said Chen Wei, chief executive officer of Guangzhou CanSemi Technology.

The company has arranged a 3,000-square-meter laboratory to help Xu and his team carry out R&D on 12-inch silicon wafers, Chen added.

China has more than 1 million retired professors and experts, accounting for nearly half of the country's high-tech and healthy talent pool, according to Hu Jun, former president of Guangzhou-based Ji'nan University.

"Silver-haired talent is a labor market that needs to be developed. Not just retired experts from universities or research institutions, but experienced and retired senior managers from enterprises should also be included in the think tank," he said.