Chinese Ministry of Industry and Information Technology (MIIT) has tightened regulation on waste plastics recycling businesses to protect environment and prompt industry upgrading.
The MIIT recently issued industry guidance on comprehensive utilization of waste plastics and interim rules on announcement administration in this regard. The rules set minimum capacity requirement for single waster plastics recycling company and unit energy consumption standards for various players.
The government could ask the companies failing to meet government requirement or incurring major quality, production safety or environmental pollution incidents to rectify operations in given time. Otherwise, the government could revoke license of relevant companies.
China now has over 3,000 waste plastics processing enterprises with nearly 1,600 ones engaging in recycling of imported waste plastics. It's estimated that Chinese market for recycled waste plastics exceeds 100 billion yuan.
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