See the below image for the Circular economy diagram. It is a change to the model in which resources are mined, made into products, and then become waste. A circular economy reduces material use, redesigns materials to be less resource intensive, and recaptures waste” as a resource to manufacture new materials and products.
McDowall et al 2017 stated that the “Chinese perspective on the circular economy is broad, incorporating pollution and other issues alongside waste and resource concerns, [while] Europe’s conception of the circular economy has a narrower environmental scope, focusing on waste and resources and opportunities for business”.
More generally, circular development is a model of economic, social and environmental production and consumption that aims to build an autonomous and sustainable society in tune with the issue of environmental resources. The circular economy aims to transform our economy into one that is regenerative.