China unveils plan to boost circular economy

BEIJING -- China's National Development and Reform Commission (NDRC) said Friday that it has released a plan to advance the development of the country's circular economy during the 15th Five-Year Plan period (2026-30).

By 2030, a circular economy system covering production, consumption, recycling and utilization will be further optimized, with the resource recycling industry's output reaching 8 trillion yuan (about $1.2 trillion), according to the plan.

By 2035, the country will have basically established a high-quality development system for the recycling economy, the plan says, adding that the utilization efficiency of major resources will reach globally leading level.

To achieve the targets, the plan calls for efforts to promote the efficient recycling and utilization of industrial resources, and advance ecological circular development in agriculture and forestry.

While encouraging the import and use of high-quality recycled raw materials from overseas, the plan urges relevant departments to expand the application of recycled materials and regulate the circulation and transaction of secondhand goods.

Efforts should also be made to optimize the industrial layout for the circular economy, accelerate the upgrades of technologies and equipment, and bolster the circular economy services sector, according to the plan.

The circular economy is a major part of China's social and economic development strategy, and plays a key role in supporting the country's high-quality development during the 15th Five-Year Plan period and in advancing its carbon-peaking goal, an NDRC official said on Friday.

China aims to peak carbon emissions by 2030 and achieve carbon neutrality by 2060.