In a significant move towards sustainable development, China has officially launched the China Resources Recycling Group Co., Ltd. during a grand ceremony in Tianjin on Friday. This centrally administered state-owned enterprise (SOE) is designed to spearhead resource recycling and reuse, positioning itself as a national platform for environmental stewardship.
With a registered capital of 10 billion yuan ($1.4 billion), the enterprise is backed by major shareholders including the State-owned Assets Supervision and Administration Commission of the State Council, China Baowu Steel Group Corporation Limited, China Petrochemical Corporation, and China Resources (Holdings) Co., Ltd., each holding a 20 percent stake. Additionally, Aluminum Corporation of China and China Minmetals Corporation contribute 10 percent each.
Liu Yu, the chairman of the newly established group, outlined the company’s ambitious vision to become a comprehensive solution provider in the recycling sector. The group plans to integrate warehousing, processing, distribution, trade-in, and standard setting to streamline the recycling process. Multiple specialized subsidiaries will focus on areas such as scrap steel recycling, durable consumer goods like electronics, trade-in services, and the recycling of used batteries from new-energy vehicles and electric bicycles.
Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, highlighted the strategic importance of this initiative. \"The establishment of this group responds to the growing market demands and helps alleviate environmental burdens by improving the efficiency of resource recycling,\" Zhou explained. He emphasized that the collaboration among shareholder enterprises, each with extensive experience in resource extraction, will enhance the creation of an efficient resource recovery industry chain.
Jin Tianlin, an associate research fellow at the Academy of Macroeconomic Research, praised the formation of China Resources Recycling Group as a pivotal step in China’s green transformation. He noted that this initiative not only promotes the efficient recycling of resources but also optimizes the layout of state-owned capital to lead the high-quality development of green and low-carbon industries.
This development aligns with the State Council’s action plan released in March, which aims to promote large-scale equipment renewals and trade-ins of consumer goods. The plan seeks to establish a robust trade-in mechanism that encourages the replacement of used goods with smart, green, and low-carbon alternatives, thereby stimulating investment, consumption, and industrial development while enhancing environmental quality.
The China Resources Recycling Group is poised to play a crucial role in advancing China’s sustainable development goals, setting a benchmark for efficient resource recycling and contributing to global environmental efforts.
Reference(s):
China establishes new centrally administered SOE on resource-recycling
cgtn.com
