China National Recycling Group Holds First Meeting In Tianjin, Xinhua Reports

BEIJING (Reuters) - China advanced plans to build a national recycling group with the founding meeting for the China Resources Recycling Group held in northern China's Tianjin, state-owned Xinhua news agency said on Friday.

The meeting comes after China's state planner said in September it supports the establishment of a national resources recycling group as part of efforts to improve recycling in various industries.

"Efforts should be made to smooth the resource recycling chain, improve the level of resource recycling, give full play to the leading role of the 'national team', and lead the high-quality development of China's resource recycling industry," said Zhang Guoqing, vice premier of the state council, at the meeting.

The meeting confirmed months-long market talk that Beijing intended to build a giant state-owned company, specialising in recycling across sectors including steel, base metals, plastics and chemicals.

Both Chinese President Xi Jinping and Premier Li Qiang made comments on building such a new group, Xinhua said.

Xinhua did provide details for which areas the new state-run company will cover and how the recycling group would work.

(Reporting by Amy Lv and Bernard Orr; Editing by Christian Schmollinger)