China Boosts the Development of Renewable Resources Industry

On January 25, 2017, three premier agencies of the Chinese central government, i.e., Ministry of Industry and Information Technology, Ministry of Commerce, and the Ministry of Science and Technology, jointly issued the Guidelines on Accelerating and Promoting the Development of the Renewable Resources Industry (Gong Xin Bu Lian Jie (2016) No. 440), to support the development of the Chinese recycling industry for the next five years. The Guidelines aim to build a healthy and orderly renewable resources industry by 2020, with a target of 350 million MT of resources recycling. The Guidelines give priority to the development of waste iron and steel, waste non-ferrous metals, waste plastics, waste tires, waste electric appliances and electronic products, scrapped automobiles, and waste textiles. To effectuate the goal and target, the Guidelines call for increasing government funds for the industry, well implementing preferential tax policy for comprehensive utilization of resources, developing credit loans for renewable resources, and supporting qualified renewable resources enterprises to raise capital via multiple means such as IPO. The Guidelines aim to build a healthy and orderly renewable resources industry by 2020, with a target of 350 million MT of resources recycling. The Guidelines give priority to the development of waste iron and steel, waste non-ferrous metals, waste plastics, waste tires, waste electric appliances and electronic products, scrapped automobiles, and waste textiles. To effectuate the goal and target, the Guidelines call for increasing government funds for the industry, well implementing preferential tax policy for comprehensive utilization of resources, developing credit loans for renewable resources, and supporting qualified renewable resources enterprises to raise capital via multiple means such as IPO.