China establishes new centrally administered SOE for resource-recycling

China officially launched a centrally administered state-owned enterprise (SOE) in Tianjin on Friday, specializing in resources recycling and reuse.

The newly established enterprise, Resources Recycling Group Co., Ltd, will undertake the important task of building a national platform on recycling and reusing consumer durables such as scrapped motor vehicles, home appliances and electronic products, and major equipment products such as retired wind power and photovoltaic modules.

"China Resources Recycling Group will recycle waste steel, waste power batteries, waste plastics, and waste non-ferrous metals, which is conducive to improving the self-sufficiency of energy and minerals. Taking the utilization of plastic recycling as an example, it is estimated that about 43 million tons of waste plastics were incinerated or buried in China in 2023. If half of this amount can be recycled chemically, it is equivalent to developing an oil field with a capacity of more than 60 million tons, which is of great significance for ensuring national energy and mineral security," said Sinopec President Ma Yongsheng.

According to a guideline issued by the State Council, China will implement a comprehensive set of policies to establish an extensive waste recycling system encompassing all sectors and stages by 2025.

The resource recycling industry is projected to achieve an annual output value of five trillion yuan (about 704 billion U.S. dollars), with the recycling of municipal solid waste expected to reach four billion tons and the recycling of major renewable resources anticipated to reach 450 million tons. Additionally, the proportion of utilized household waste is expected to increase to about 60 percent.

By 2030, the recycling of municipal solid waste is predicted to reach 4.5 billion tons, while the recycling of key renewable resources is projected to reach 510 million tons, and the proportion of domestic household waste utilization is expected to rise to 65 percent.

Liu Yu, chairman of China Resources Recycling Group Co., Ltd, said that the company will be built into a comprehensive solution provider covering multiple key categories of recycled resources, integrating functions such as warehousing, processing, distribution, trade-in and standard setting.

"Implementing resource recycling is a key component and an important measure for promoting large-scale equipment renewal and the trade-in of consumer goods. These waste products and equipment contain valuable recyclable materials, including steel, nonferrous metals, precious metals, plastics, rubber, and other resources. Effective recycling of these materials is akin to opening a 'second mine', which can reduce the demand for primary resources and lessen the pressure of mineral resource exploitation on the natural environment. At the same time, it also creates a broad market space for the development of the renewable resources recycling industry," said Liu.

The registered capital of the newly founded enterprise is 10 billion yuan (1.4 billion U.S. dollars), with the State-owned Assets Supervision and Administration Commission of the State Council representing the State Council in fulfilling the responsibilities of the investor.

In terms of the equity structure, 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 hold 20 percent, while Aluminum Corporation of China and China Minmetals Corporation each hold 10 percent.

China establishes new centrally administered SOE for resource-recycling

The statement of U.S. President Donald Trump highlighted the urgency for reforming global governance, according to a poll from China Global Television Network (CGTN) on Friday.

"I don't need international law," said Trump during an with The New York Times this week, days after the U.S. attack on Venezuela and the forcible seizure of President Nicolas Maduro. This statement perfectly captures Washington's unilateral and hegemonic trajectory. The New York Times observed that Trump's assessment of his own freedom to use any instrument of military, economic or political power to cement American supremacy was the most blunt acknowledgment yet of his world-view.

In a global public opinion poll conducted by CGTN, 93.5 percent of respondents expressed belief that the U.S., by pursuing unilateralism, has placed itself in opposition to the international community. Also, 91.7 percent think that reforming the global governance system is an urgent priority.

On Wednesday the U.S. announced its withdrawal from 66 international organizations, setting a new record for its retreat from multilateral commitments. These organizations span climate, energy, and global governance, among other fields. Trump argues that their operations run counter to U.S. national interests, sovereignty, and economic prosperity.

In response, 84.1 percent of respondents were not surprised by the U.S. move. Meanwhile, 88.9 percent viewed it as another radical step under the "America First" doctrine. In addition, 93 percent believed the U.S. approach of using international systems when beneficial and abandoning them when not severely undermines the existing international order and global fairness and justice. Also, 88.3 percent noted that the U.S. withdrawals once again expose it as an irresponsible major power, dealing a significant blow to its international reputation. Furthermore, 88.5 percent believe the U.S. withdrawals reflect its negative attitude toward global governance.

The recent episode of unilateral and bullying actions by the U.S. government has sparked widespread alarm and discontent within the international community. Washington's adherence to the law of the jungle where "might is right" is severely undermining the global governance system. In the poll, 89.9 percent of respondents agreed that multilateralism, based on coordination and cooperation, remains key to addressing current global governance challenges. Meanwhile, 94.4 percent believe it is crucial to advance the reform of the global governance system, uphold international rule of law, and enhance the effectiveness of multilateral mechanisms. Moreover, 90 percent think major powers should shoulder greater responsibility and play a more constructive role in promoting global governance reform.

The poll was conducted across CGTN platforms in English, Spanish, French, Arabic, and Russian languages, attracting 24,000 responses within 24 hours.

Trump says 'I don't need international law,' highlighting urgency for reforming global governance: CGTN poll