The concept of a circular economy has recently taken center stage in China, as the nation intensifies efforts to boost consumption through extensive equipment upgrades and consumer goods trade-ins. This strategic move aims to stimulate economic growth while promoting sustainable development.
In February, the Central Commission for Financial and Economic Affairs (CCFEA) emphasized the importance of promoting equipment renewal and the trade-in of consumer goods. Following this, significant strides have been made, with nine central government departments—including the Ministry of Commerce—jointly issuing a notice to enhance China’s recycling system. In March, the State Council, China’s Cabinet, outlined detailed plans for implementation.
The State Council announced that authorities will strengthen fiscal and financial policy support, leveraging standards related to energy consumption, emissions, and emerging technologies. This initiative focuses on upgrading equipment across key sectors such as construction, transportation, agriculture, education, and healthcare. Additionally, it encourages the trade-in of cars and home appliances, facilitating a shift towards more efficient and environmentally friendly options.
Experts indicate that there is substantial potential for replacing industrial equipment and durable consumer goods in China. The government’s recent initiatives are expected not only to invigorate consumption but also to enhance resource allocation. This shift contributes to greener industrial practices and supports the sustainable evolution of the country’s industrial structures.
Reference(s):
China boosts new round of consumption by promoting circular economy
cgtn.com
