China is leading the global movement for electronics recycling with a combination of policy initiatives and the rise of a new generation of professional recyclers
HONG KONG, April 18, 2024 /PRNewswire/ — Kerry Xuefeng Chen, Chairman and CEO of ATRenew (RERE.US), a leading technology-driven pre-owned consumer electronic transactions and services platform in China, discusses the huge potential for recycling of smartphones, electronics and even luxury goods in a new “Expert Corner” opinion piece on Bamboo Works.
China, the world’s largest smartphone market and ATRenew’s home base, is leading the recycling charge through a confluence of factors, including government policy initiatives and the rise of platforms that can assure product quality.
Below are some key excerpts. To read the entire opinion, please go to: https://thebambooworks.com/perfect-storm-of-factors-fuels-rise-in-smartphone-recycling/
Kerry Xuefeng Chen, Chairman and CEO of ATRenew:
“While the global market for new smartphones has been contracting for more than two years, the opposite is true for used products. Global new smartphone sales fell 3.2% last year to about 1.17 billion units, even as used smartphone sales actually rose nearly 10% for the year to 310 million units.”
“Both local and national governments are helping to drive the trend towards more smartphone recycling and trade-ins in China. … Most recently, China’s State Council in March issued a notice on promoting mass-scale trade-ins of consumer products, demonstrating its determination to pursue a circular model of consumer goods use at a national level.”
“Industry groups like the Global Battery Alliance, a partnership of more than 150 businesses, governments and industry players, are getting involved as well with their own recycling initiatives. Those include the alliance’s “battery passport” that encourages “responsible sourcing, management, recycling and use of a battery across its full lifecycle.”
About ATRenew:
Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle.
About Bamboo Works:
Bamboo Works showcases Chinese companies listed in Hong Kong and the United States, with a strong focus on mid-cap and pre-IPO companies. We offer free and premium bilingual content through our website, newsletters, research notes, audio and video products. Such content also appears on major third-party financial news platforms in English and Chinese.
