China Resources Recycling Group Co., Ltd., a centrally run state-owned enterprise (SOE), was officially established at a founding ceremony in Tianjin on 18 October, 2024.

With a registered capital of the enterprise is RMB 10 billion (US$1.4 billion), the new company will specialize in resources recycling and reuse, undertaking the important task of building a national platform.

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

China Resources Recycling Group Co., Ltd. was officially established in Tianjin, China.

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.

The company will also establish multiple specialized subsidiaries simultaneously, with their business scope including:

∎ building of offline resource recycling networks

∎ trade-in business

∎ scrap steel recycling

∎ recycling of durable consumer goods such as electronic products

∎ recycling used batteries from new-energy vehicles and electric bicycles

∎ recycling decommissioned wind power and photovoltaic equipment

∎ recycling scrap non-ferrous metals

∎ recycling and processing of plastic waste

Enhance energy sufficiency, boost technological innovation 

According to Ma Yongsheng, Chairman of the Board of China Petrochemical Corporation, the establishment of China Resources Recycling Group Co., Ltd. is of great significance to enhance China's energy and mineral self-sufficiency.

Take plastic waste recycling as an example, about 43 million tons of plastic waste was incinerated or landfilled in China in 2023. If half of that could be chemically recycled, the benefits would be equivalent to the discovery of an oil field with an annual output of more than 60 million tons.

China Resources Recycling Group Co., Ltd. will not just engage in the traditional recycling businesses, but also focus on solving the long-standing bottlenecks of renewable resources through technological innovation and application expansion.

According to China’s national development plan, it is expected that by 2025, the output value of the country’s recycling industry will reach RMB 5 trillion, the recycling volume of major renewable resources will reach 450 million tons, and the utilization of domestic waste will increase to 60%.