Seven circular economy projects with a total investment amounting to 3.8 billion yuan ($551 million) were signed at the Yantai Renewable Resource Processing Demonstration Zone on April 27.

The seven projects cover several fields including recycling, regeneration and secondary utilization of scrap aluminum and scrap copper, rare and precious metals and development of an international trading market.

The signing ceremony of seven circular economy projects is held at the Yantai Renewable Resource Processing Demonstration Zone on April 27. [Photo by Chuan Yi/Chinanews.cm]

According to the Yantai Economic and Technological Development Area, the new projects are designed to make "green industries" a new growth engine and promote industrial upgrading and greener growth, and are expected to have annual output of nearly 20 billion yuan when all the projects come on stream.

The scrap metal recycling and utilizing project invested by Shandong Dahai Group, a large multi-industry, trans-regional and international enterprise group integrating textile, new energy, new materials and international trade, will help to process the metal scraps of industrial enterprises into recycled non-ferrous metal products, with annual sales expected to be seven billion yuan.

Located in the Yantai Economic and Technological Development Area, the Yantai Renewable Resource Processing Demonstration Zone, with a total planning area of 340 hectares, is divided into the three areas of production and processing, management service and pollution treatment. The zone is now home to more than 60 companies, integrating upstream and downstream industries and forming a competitive industrial cluster.

Established in October of 1984, the Yantai Economic and Technological Development Area is one of the earliest approved State level economic development zones in China. The area has introduced more than 1,500 foreign-financed investments of 78 Fortune 500 companies, fostering two leading-edge industries of machinofacture and electronic information and three emerging industries of new materials, biomedicine and optoelectronics.

The Yantai Economic and Technological Development Area. [Photo by Chuan Yi/Chinanews.cm]