BEIJING, Dec. 2 (Xinhua) -- The degradable plastics sector in China's A-share market went up on Monday with the official implementation of the ban on disposable non-degradable plastic products in south China's island province of Hainan, reported Shanghai Securities News Tuesday.
According to the circular jointly released by China's National Development and Reform Commission, the Ministry of Ecology and Environment and other seven government authories, disposable non-degradable plastic products will be banned from use in shopping malls, supermarkets, pharmacies, bookstores and other places in China's municipalities, provincial capitals, and cities listed starting January 1, 2021.
China's degradable plastics industry believes that the promising degradable plastics and paper packaging market has officially entered an explosive period as Hainan took the lead in a plastic ban on December 1 and China's implementation of a comprehensive nationwide plastic restriction is approaching.
Under the background of favorable policies and technological progress, biodegradable plastics are expected to become the preferred alternative materials due to its performance and environmental protection. It is estimated that by 2025, China's degradable plastics market value will reach 35.8 billion yuan, according to a research report by Huaxi Securities.
Kingfa, as one of China's leading companies in biodegradable plastics industry, saw its sales volume reaching 13,700 tonnes in the first three quarters of 2020, a year-on-year increase of 12.1 percent, with its new material business maintaining a strong momentum and sales of fully biodegradable plastics remaining high. (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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