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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.
Zero waste promotes a circular material flow that allows materials to be used over and over, reducing the need for landfill space. [10] Through zero waste the number of toxins released into the air and water would be decreased and products examined to determine what chemicals are used in the production process. Health issues related to landfills:
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The law aims to reduce the country's production and use of single-use plastic massively and to promote a more circular economic structure. Similarly to the United States ' Reduce, reuse and recycle efforts, the anti-waste law acts similarly in promoting more eco-friendly consumer behaviors as well as holding producers to the same standards.