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A circular economy (also referred to as circularity or CE) [1] is a model of resource production and consumption in any economy that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible.
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction.
The Circular Economy Development Strategies Action Plan was created on January 23, 2013, and it further embedded the idea of a circular economy into Chinese legislation. [6] The plan outlined three levels of circular economies in China, being within a company, industrial park and city or region. [6]
Circular procurement is an approach to government procurement that enables private and public authorities to support a transition to a circular economy.This is done by purchasing works, goods, or services designed to create closed energy and material loops within supply chains while minimizing, or avoiding, the generation of waste and other negative factors on the environment.
The circular economy is all about identifying and closing loops so as to create self-sustaining systems where producers and consumers are closely coupled to enable constant feedback. For example, food production, consumption, and disposal might be organized to be part of the same closed cycle.
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In order to grow an economy while preventing depletion of natural resources, a given amount of a resource must be used as much as possible with as little waste as possible. Closed-loop recycling systems attempt to maximize the amount of time a given amount of a resource is available to an economy.
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