President Xi Jinping has stressed the importance of creating a national resources recycling and utilization platform as China established on Friday a State-owned company specializing in resources recycling across sectors including steel, nonferrous metals, consumer goods, and wind and solar power equipment.

In a recent instruction, Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, said the establishment of the company is an important decision and arrangement made by the CPC Central Committee to develop an economy that facilitates green, low-carbon and circular development, and advance the building of a beautiful China on all fronts.

He urged the company to boost recycling to turn waste into wealth, stick to an innovation-driven approach as well as open cooperation, and make efforts to smooth resource-recycling chains, thus contributing to the Chinese modernization drive.

Premier Li Qiang also made an instruction, in which he urged the company to focus on national strategies, establish a multilayered and efficient system for recycling and reusing resources, and build itself into a world-class industrial group specialized in recycling and reusing resources.

The two instructions were read out at the inaugural meeting of the company held on Friday in North China's Tianjin.

Last month, authorities officially revealed the plan to establish it during a news briefing on the country's policies in promoting equipment upgrades and consumer goods trade-ins.

Zhao Chenxin, deputy head of the National Development and Reform Commission, said that as a large amount of waste materials are expected to be generated with the continuous promotion of the trade-in deals, the NDRC will support the establishment of a national resources recycling enterprise as part of efforts to improve recycling in various industries.

The company's annual utilization volume of scrap steel is expected to reach 260 million metric tons.

It will also promote the establishment of a network that supports enterprises in constructing a system for recycling old products and promote the efficient utilization of retired power batteries, and others.