Circular Economy of China: New Five Year Plan
China recently issued a new five-year plan for developing the country’s circular economy. It hopes to increase resource efficiency and meeting climate commitments.
The Plan also covers the broader Plan period between 2021 and 2025 to develop the circular economy. In order to achieve this, they plan to fulfil this Plan through various initiatives, like increasing green product design, recycling, remanufacturing, and renewable resources.
What does circular economy mean?
The circular economy is considered an economic pattern that emphasizes the lifecycle of products and resource use. It is also emphasizing integrating these matters at the product design phase.
China’s sustainability goals
The circular economy`s development will be necessary for China to clean up its environment, meet global climate goals, and promote green innovation.
The circular economy will impact manufacturers (using resources for production and creating waste) doing business in China.
This Plan increases opportunities for companies committed to green tech, recycling technology and waste management. Specifically, the Plan contains several targets for China to meet by the end of the 14th Five Year Plan in 2025.
By 2025, China should have a circular production method, broadly promoted green technology and production, and improved resource utilization.
Improving resource utilization efficiency and building a recycling industry system:
Promoting production`s green design while improving guidelines, green design policies, and classification;
Strengthening clean production through mandatory and voluntary audits, upgrading and stimulating clean production innovation, and establishing punishments and incentives;
Developing the circular economy in industrial parks by promoting higher resource utilization, the production of eco-industrial demonstration parks, and the construction of green factories,
Extending the comprehensive utilization of resources by promoting utilization of resources and efficient extraction. Also increasing research in the utilization of various wastes while utilizing reusable materials in industries like green building materials, ecological restoration, and transportation engineering;
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