I had a feeling it must be at least partly due to their increased role in child rearing among most families.
This is partly just traditional Chinese culture but probably also comes in part due to the awful working hours most Chinese people tend to face. It's very common to just dump your kids on your parents out there.
It does cause some issues, as the grandparents tend to have more ... traditional parenting approaches (corporal punishment fairly common) but for the elderly themselves it's definitely something they really look forward to in their later years.