Introduction: The Application Background of Coase's Law in Manufacturing Industry
1.1 Core Principles and Development Evolution of Coase's Law
The Coase Law, as the core theory of new institutional economics, was first proposed by Ronald Coase in his article "The Nature of the Firm" in 1937 and further refined in his 1960 work "The Problem of Social Costs". The core of this law lies in revealing the decisive impact of transaction costs on the efficiency of enterprise boundaries and resource allocation.
The Coase Law contains three levels of theoretical connotations. Coase's first law states that when transaction costs are zero, regardless of how initial property rights are defined, the maximization of total social output or optimal allocation of resources can be achieved. Coase's second law emphasizes that when transaction costs are positive, the initial definition of property rights will affect the final allocation of resources or the total social output. The third law of Coase further explains that when transaction costs are greater than zero, a clear definition of property rights will help reduce people's costs in the transaction process, improve efficiency, and achieve maximum social output.
In terms of manufacturing applications, Coase's Law reveals that the fundamental reason for the existence of enterprises is to save market transaction costs. Coase found through on-site inspections of companies such as Ford that replacing "a series of contracts" with "one contract" and substituting external market transactions with internal management coordination significantly reduced transaction costs. According to the World Bank's research on corporate organizational structure, a company reaches its size boundary when the cost of organizing a transaction internally equals the cost of completing the transaction on the open market.
1.2 Compatibility between the Characteristics of the Plastic Products Industry and the Application of Coase's Law
The plastic products industry is characterized by high technology intensity, diverse raw materials, widespread market demand, and increased environmental pressure. These features provide unique scenarios and opportunities for the application of Coase's law.
Firstly, the raw material cost of plastic products accounts for a very high proportion. Research shows that the price of plastic resin accounts for 65-73% of the cost of plastic products, and is strongly negatively correlated with corporate profits by -0.8. Taking a certain plastic enterprise as an example, its main raw materials are plastic particles such as PP, PET, PS, PE, etc. The procurement amount in 2024 is 592 million yuan, accounting for more than 75% of the total cost. This high cost sensitivity makes it highly potential to control raw material costs through property rights definition and transaction cost optimization.
Secondly, the capacity utilization rate of the plastic industry fluctuates greatly. The capacity utilization rate of China's PVC paste industry in 2024 is 79.40%, an increase of 7.85 percentage points compared to 2023; The capacity utilization rate of polyethylene production enterprises is 81.84%. The instability of this production capacity provides space for optimizing resource allocation through Coase's law.
Once again, the increasingly strict environmental policies have created new opportunities for the application of Coase's law. The Opinion on Further Strengthening the Control of Plastic Pollution requires that by 2025, key areas such as catering, express delivery, e-commerce, and agricultural film across the country will basically achieve the reduction, substitution, and standardized recycling of plastic products. The EU requires that the recycled material content in PET bottles must reach 25% from 2025 and increase to 30% by 2030. These policies have promoted the transformation of the plastic industry towards a circular economy and provided policy support for achieving efficient resource utilization through property rights definition.
1.3 Research Objectives and Analysis Framework
This study aims to analyze in depth how plastic product factories can improve their efficiency and competitiveness by applying Coase's law. The research will start from three core scenarios: internal production management, supply chain cooperation, and waste disposal, to construct a systematic application path and implementation plan.
The research framework includes six core dimensions: firstly, the theoretical basis and mechanism analysis of the application of Coase's Law in manufacturing industry; Secondly, the specific path and implementation plan for plastic product factories to apply Coase's law; Thirdly, the effectiveness evaluation and quantitative analysis system; Fourth, risk identification and response strategies; Fifth, differentiation strategies for different types of plastic factories; Sixth, analysis of the impact of external environmental factors. Through systematic research on these dimensions, this report will provide a complete set of guidelines for the application of Coase's Law to plastic product enterprises, helping them achieve sustainable development through institutional innovation in complex and changing market environments.
2. Analysis of the application mechanism of Coase's law in plastic product factories
2.1 The role of property rights definition in the internal resource allocation of plastic factories
The definition of property rights is the core foundation of the application of Coase's Law and plays a decisive role in the internal resource allocation of plastic product factories. By clearly defining property rights, internal friction can be effectively reduced and resource utilization efficiency can be improved.
In terms of equipment resource allocation, plastic factories usually have various types of production equipment, including injection molding machines, extruders, blow molding machines, etc. The utilization rate of these devices directly affects the production efficiency of the enterprise. Research shows that through the transformation of smart factories, equipment utilization rates can be increased to a historical peak of 89%, unit energy consumption costs can be reduced by 17.3%, and mold replacement time can be shortened from 55 minutes to 8 minutes. By clearly defining device usage rights by product line or order group, it is possible to avoid the time cost of multiple departments competing for equipment and frequent parameter debugging.
In terms of human resource allocation, property rights are defined as the clear allocation of responsibilities and benefits. For example, a certain plastic factory implemented a "person order integration" system, which transformed the personnel department from fixed costs to variable costs, and then converted them into excess profits. In this model, each employee becomes an independent business unit with clear boundaries of rights, responsibilities, and benefits, thereby stimulating their enthusiasm and creativity.
In terms of raw material management, property rights are defined through a cost responsibility linkage mechanism. A certain plastic factory sets a scrap recycling rate target for each production team, and the excess recycling can be converted into team bonuses. Through clear "profit ownership" incentives, employees are motivated to reduce waste and lower raw material costs. This approach transforms the original "shared resources" into "private property rights" and effectively solves the problem of the "tragedy of the commons".
2.2 The Impact Mechanism of Transaction Cost Optimization on Enterprise Efficiency
The optimization of transaction costs is the key path for Coase's Law to enhance corporate efficiency. In the operation of plastic product factories, transaction costs mainly include information search costs, negotiation costs, supervision and execution costs, etc.
In the raw material procurement process, signing long-term supply and demand agreements with core raw material suppliers can significantly reduce transaction costs. A certain plastic company has established long-term cooperative relationships with suppliers, signed 3-5 year framework agreements, and clarified the mechanism for sharing price fluctuations (such as when oil prices fluctuate by more than 5%, each party bears 50%), avoiding the cost of renegotiating prices and verifying quality every time a purchase is made. According to statistics, this long-term cooperation model can reduce procurement costs by 10-15%.
In the production collaboration process, internal market-oriented mechanisms can reduce coordination costs. A certain plastic factory divides different workshops into independent profit centers, and transactions between each center are conducted through internal prices. This mechanism reduces administrative command style coordination costs and improves production efficiency.
In the quality control process, establishing a standardized quality system can reduce supervision costs. A certain plastic factory has established a full process quality control system from raw material inspection to finished product shipment through the implementation of Total Quality Management (TQM), clarifying quality responsibilities to individuals and reducing quality disputes and rework costs.
2.3 Path and mechanism for improving resource allocation efficiency
The ultimate goal of applying Coase's Law is to improve the efficiency of resource allocation. In plastic product factories, this goal is achieved through various pathways.
Firstly, achieve the flow of resources to efficient users through property rights transactions. A certain plastic factory outsources some non core production processes to professional suppliers, while concentrating its advantageous resources on the research and production of core products. This specialized division of labor enhances the core competitiveness of enterprises while reducing overall operating costs.
Secondly, guide resource allocation through a pricing mechanism. A certain plastic factory has established an internal resource pricing system, setting internal prices for equipment usage, site occupation, energy consumption, and other aspects. Each production department makes resource allocation decisions based on their own needs and cost-effectiveness principles, thereby achieving optimal utilization of resources.
Again, promote efficient utilization of resources through incentive mechanisms. A certain plastic factory has implemented a "conservation sharing" mechanism, rewarding relevant departments and employees with a certain proportion of saved raw material and energy costs. This mechanism has stimulated the enthusiasm of all employees to participate in cost control, resulting in a significant improvement in resource utilization efficiency.
Finally, optimize resource allocation decisions through information systems. A certain plastic factory has introduced an ERP system, which enables information sharing and real-time monitoring of various links such as production, procurement, and sales. Based on accurate information, management can make more scientific resource allocation decisions, avoiding resource waste caused by information asymmetry.
3. The specific path for plastic product factories to apply Coase's Law
3.1 Property Rights Optimization Strategy for Internal Production Management
3.1.1 Equipment Property Rights Division and Incentive Mechanism Design
The clear division of equipment property rights is the foundation for optimizing internal production management. In plastic product factories, equipment usually includes specialized equipment such as injection molding machines, extruders, blown film machines, granulators, etc. The value of these devices ranges from tens of thousands to millions of yuan, and the price of large injection molding machines can reach over 000 to 0000.
The core of equipment property rights division lies in clarifying the rights of use, revenue, and disposal. A large plastic factory has adopted the "equipment contracting system", dividing injection molding machines of different specifications into different production teams according to product lines. The teams have the daily use rights and partial revenue rights of the equipment. In specific implementation, the enterprise has formulated detailed equipment usage rules:
1. Definition of usage rights: Each team has priority usage rights for assigned equipment within an 8-hour working week, and any excess time must be obtained through internal negotiation or bidding. The daily maintenance responsibility of the equipment is borne by the user team to ensure that the equipment is in good operating condition.
2. Distribution of profit rights: The team can receive a reward of 30-50% for the cost savings generated by increasing equipment utilization rate, reducing energy consumption, and decreasing waste rate. A certain team increased the equipment utilization rate from 75% to 85% by optimizing the production process, and received an average monthly reward of over 20000 yuan.
3. Assessment mechanism design: A comprehensive equipment efficiency (OEE) assessment system has been established, including three dimensions: time utilization rate, performance utilization rate, and yield rate. Teams with OEE exceeding 85% will receive additional rewards, while those with OEE below 70% will need to make improvements.
4. Supporting incentive mechanism: To ensure the effectiveness of the incentive mechanism, the enterprise has also established a skills training system and regularly provides skill enhancement training for operators. At the same time, an innovation reward fund has been established to encourage employees to propose equipment improvement suggestions. The rapid mold replacement plan proposed by an employee reduced the mold replacement time from 2 hours to 30 minutes and received an innovation reward of 100000 yuan.
3.1.2 Establishment of cross departmental coordination mechanism
Cross departmental coordination is the key to efficient operation of plastic factories and an important aspect of optimizing property rights. The traditional functional organizational structure often leads to serious departmental barriers, poor information flow, and high coordination costs.
A certain plastic factory has effectively solved the problem of cross departmental coordination by establishing a "virtual profit center" model. The specific methods include:
5. Organizational restructuring: Reorganize the existing functional departments such as production, technology, quality inspection, and logistics into several market-oriented virtual profit centers. Each center includes necessary functions such as production, technology, and quality inspection, and is able to independently complete product delivery.
6. Internal pricing system: Established a comprehensive internal transfer pricing system. For example, the semi-finished products provided by the injection molding workshop to the assembly workshop are settled at 80% of the market price. This pricing mechanism ensures independent accounting for each center while avoiding internal monopolies.
7. Benefit sharing mechanism: The performance of each virtual profit center is linked to the overall performance of the company, while retaining a certain degree of independence. When the overall performance of the company increases by 10%, each center can receive a corresponding proportion of rewards, but the specific distribution is determined by each center themselves.
8. Information sharing platform: An ERP based information sharing platform has been established to achieve real-time sharing of production planning, inventory, quality and other information. Each department can timely understand relevant information and make quick responses.
9. Conflict resolution mechanism: A cross departmental coordination committee has been established, composed of the heads of each center, and regular coordination meetings are held to resolve cross departmental disputes. For major disputes, the company's senior management directly intervenes in mediation.
3.1.3 Implementation method of linking cost rights and responsibilities
The linkage of cost responsibility is the specific application of Coase's law in cost management. By linking cost responsibility with corresponding rights and interests, production costs can be effectively reduced.
A certain plastic factory has implemented a "full cost accounting" system, and the specific method is as follows:
10. Cost center division: Divide the entire factory into several cost centers, including production workshops, auxiliary production departments, management departments, etc. Each cost center has clear cost control objectives and corresponding permissions.
11. Cost indicator decomposition: Decompose the annual cost target layer by layer to each cost center. For example, raw material costs are broken down into production workshops based on product BOM, energy costs are broken down into teams based on equipment power and usage time, and labor costs are broken down into individuals based on job positions and working hours.
12. Principle of matching rights and responsibilities: Allocate corresponding resources and permissions for each cost center. For example, the production workshop has the right to decide on the specific arrangements of the production plan, select suppliers (listed in the qualified supplier list), and decide on overtime arrangements.
13. Incentive and restraint mechanism: Established a cost saving reward and overspending punishment mechanism. The cost savings will be rewarded to relevant personnel in a certain proportion, and any overspending will result in a corresponding deduction of performance-based pay. A certain workshop saved 1 million yuan in raw material costs throughout the year by optimizing production processes, and workshop employees received a total of 300000 yuan in rewards.
14. Cost analysis meeting: Hold monthly cost analysis meetings, where each cost center reports on cost control, analyzes the reasons for overspending or savings, and develops improvement measures. By doing so, cost control becomes a daily task that involves all employees.
3.2 Transaction Cost Reduction Strategies for Supply Chain Cooperation
3.2.1 Design and Implementation of Long term Supply and Demand Agreements
Long term supply and demand agreements are an important means of reducing transaction costs in the supply chain. In the plastic industry, raw material costs account for 65-73% of total costs, so it is crucial to establish stable long-term cooperative relationships with raw material suppliers.
A certain plastic enterprise has signed a 5-year framework agreement with its main raw material suppliers, and the agreement design is as follows:
15. Price mechanism design: The agreement adopts a "base price+floating adjustment" model. The basic price is determined based on the market price at the time of signing, and the floating adjustment mechanism is as follows:
When crude oil prices fluctuate within ± 5%, maintain the base price unchanged
When the fluctuation of crude oil prices exceeds ± 5%, the raw material prices will be adjusted by 70% of the fluctuation range of crude oil prices
Conduct a price review once a year in January and July, and adjust according to market conditions
16. Quantity guarantee clause: The supplier promises to supply raw materials according to the enterprise's demand plan during the agreement period, ensuring uninterrupted supply. The enterprise promises a minimum annual purchase quantity of 10000 tons, and the quarterly purchase quantity shall not be less than 20% of the total annual quantity.
17. Quality assurance system: Suppliers must provide raw materials that meet national standards and provide quality inspection reports for each batch of products. Enterprises have the right to conduct random inspections on incoming raw materials. If any quality problems are found, the supplier shall bear all losses.
18. Payment and settlement: Monthly settlement method is adopted, with the 25th of each month as the settlement date. The enterprise shall make payment within 30 days after receiving the invoice. For parts with an annual procurement volume exceeding 15000 tons, a 2% price discount will be given.
19. Liability for breach of contract: If the supplier fails to supply raw materials as agreed, a penalty of 20% of the value of the shortage shall be paid. If the enterprise fails to purchase as agreed, it shall pay a penalty of 10% of the value of the non purchased portion.
By implementing long-term agreements, the company's raw material procurement costs have been reduced by 8%, supply interruption risks have been reduced by 90%, and annual procurement costs have been saved by approximately 5 million yuan.
3.2.2 Capacity sharing and order coordination mechanism
Capacity sharing is an important way to improve resource utilization efficiency. In the plastic industry, there are significant differences in capacity utilization rates among different enterprises, and a win-win situation can be achieved through capacity sharing.
A certain plastic industry park has established a "capacity sharing platform", and the specific operating mechanism is as follows:
20. Platform construction: Led by the park management committee, an online capacity sharing platform has been established to release real-time information on the capacity status, equipment types, technical capabilities, and other information of each enterprise.
21. Design of Sharing Mode:
Short term leasing: When a company's orders surge, it can rent idle equipment from other companies and charge by the hour
Long term cooperation: Enterprises with insufficient production capacity can establish long-term cooperative relationships with enterprises with overcapacity to undertake some of their orders
Equipment sharing: For large equipment with low usage rates (such as large injection molding machines), multiple companies can jointly invest and purchase them for time-sharing use
22. Benefit distribution mechanism:
Short term leasing: 80% of the rental income belongs to the equipment owner, and 20% is used as platform operating expenses
Long term cooperation: Pay a certain percentage (usually 5-10%) of the order amount to the enterprise providing production capacity
Equipment sharing: Allocate equipment depreciation, maintenance, and other costs based on usage time
23. Quality assurance: For products produced with shared production capacity, the user is responsible for quality inspection and after-sales service. If there is a quality issue, the user shall bear full responsibility, but may seek compensation from the provider of production capacity.
24. Information security: Establish strict information confidentiality systems, and shared enterprises shall not disclose each other's trade secrets. If there is any violation, corresponding legal responsibilities shall be borne.
Through the capacity sharing mechanism, the average capacity utilization rate of enterprises in the park has increased from 75% to 85%, equipment investment costs have been reduced by 20%, and annual cost savings have exceeded 20 million yuan.
3.2.3 Ownership Path of Supplier Relationship Management
The ownership of supplier relationship management refers to establishing a long-term stable cooperative relationship by clarifying the rights and responsibilities of both parties.
A certain plastic enterprise has implemented the "strategic supplier" system, and specific measures include:
25. Supplier grading management: Classify suppliers into three levels: strategic suppliers, important suppliers, and general suppliers. Strategic suppliers refer to suppliers with an annual procurement amount exceeding 50 million yuan or providing key raw materials.
26. Design of Property Rights Agreement: Sign a cooperation agreement with strategic suppliers that includes a "quasi equity" nature
Enterprises invest 5-10% equity in suppliers to obtain priority supply rights and price discounts
The supplier promises not to supply similar products to competitors within 5 years
Both parties share technological research and development achievements and jointly develop new products
27. Joint inventory management: Implement VMI (Vendor Managed Inventory) mode, where suppliers set up inventory in the enterprise warehouse and the enterprise settles regularly based on actual usage. This model reduces the inventory cost of enterprises while ensuring the timeliness of raw material supply.
28. Technical Cooperation Mechanism: Establish a technical cooperation platform with strategic suppliers to jointly conduct research and development of new materials and processes. The research and development expenses are jointly borne by both parties, and the results are shared. A new environmentally friendly material jointly developed by a supplier and a company has obtained a national patent, and both parties have benefited greatly from it.
29. Interest binding mechanism: A "profit sharing" mechanism has been established, where when using materials provided by suppliers to enhance product competitiveness and expand market share, companies share 10-15% of the additional profits with suppliers.
Through the property rights management of supplier relationships, the number of suppliers in the enterprise has been reduced by 30%, but the supply stability has been improved by 80%, the raw material cost has been reduced by 12%, and the new product development cycle has been shortened by 30%.
3.3 Property rights optimization plan for waste disposal
3.3.1 Benefit analysis of outsourcing waste disposal rights
The outsourcing of waste disposal rights is an important scenario for plastic factories to apply Coase's law. During the plastic production process, a large amount of waste materials such as scraps and defective products are generated, and the traditional self processing mode is costly and inefficient.
The outsourcing plan for the waste disposal rights of a certain plastic factory is as follows:
30. Waste type and quantity: The enterprise produces approximately 5000 tons of various types of waste annually, including:
Injection molding scraps: approximately 2000 tons/year, mainly composed of thermoplastic materials such as PP and PE
◦ Non conforming products: approximately 1500 tons/year, including various plastic products
Cleaning waste: approximately 500 tons/year, containing a small amount of chemical residue
Packaging waste: approximately 1000 tons/year, mainly consisting of plastic film, paper products, etc
31. Outsourcing scheme design:
Signed a 3-year agreement with professional recycling company A to handle injection molding scraps and non-conforming products
Signed a long-term agreement with professional recycling company B to handle cleaning waste
Sign a loose agreement with the waste recycling station to handle packaging waste
32. Price and Payment Method:
Injection molding scraps: Recycled at 85% of market price, approximately 4000 yuan/ton
Unqualified products: Recycled at 60% of the market price, approximately 2500 yuan/ton
◦ Cleaning waste: Free disposal, the enterprise pays a processing fee of 500 yuan/ton
Packaging waste: Recycled at 70% of market price, approximately 2000 yuan/ton
33. Benefit analysis:
Direct income: Waste sales revenue of approximately 12 million yuan per year
Cost savings:
▪ Equipment investment savings: Avoiding the purchase of crushing and cleaning equipment, saving approximately 3 million yuan in investment
▪ Labor cost savings: reducing 15 waste disposal personnel and saving 1.2 million yuan in annual wages
▪ Energy cost savings: reduce energy consumption for crushing and cleaning, saving 300000 yuan in electricity bills annually
▪ Cost savings on site: approximately 500 square meters of waste storage space is saved, resulting in an annual rental savings of 200000 yuan
Indirect benefits:
▪ Environmental risk reduction: Professional handling reduces the risk of environmental violations
▪ Management efficiency improvement: reduces the complexity of waste disposal management
▪ Cash flow improvement: Waste sales provide additional cash flow for businesses
Through outsourcing waste disposal rights, the company's annual net income is approximately 14.7 million yuan, with an investment payback period of only 2.5 years.
3.3.2 Construction and Operation of Shared Recycling Centers
Shared recycling center is an innovative model for multiple plastic factories to jointly process waste, which can achieve economies of scale and reduce processing costs.
The plan for five plastic factories in a certain region to jointly build a shared recycling center is as follows:
34. Investment and Equity Structure:
The total investment is 20 million yuan, with 5 enterprises contributing according to their production capacity ratio
Enterprise A contributes 6 million yuan (30%), Enterprise B contributes 5 million yuan (25%), Enterprise C contributes 4 million yuan (20%), Enterprise D contributes 3 million yuan (15%), and Enterprise E contributes 2 million yuan (10%)
Establish an independent operating company responsible for the daily operation of the recycling center
35. Design of processing capability:
Crushing capacity: 50 tons/day
Cleaning capacity: 30 tons/day
Granulation capacity: 20 tons/day
Annual processing capacity: 15000 tons
36. Operation mode:
Each enterprise is entitled to a waste disposal quota based on its equity ratio
The excess processing portion will be charged at market price
Prioritize the disposal of waste materials from participating enterprises, and the remaining production capacity can be used for external operations
37. Cost sharing mechanism:
Fixed costs (equipment depreciation, labor wages, etc.) are shared in proportion to equity
Variable costs (such as water and electricity fees, chemical agents, etc.) are shared according to the processing capacity
Operating expenses (management expenses, sales expenses, etc.) are included in costs and settled at the end of the year
38. Income distribution:
After deducting costs from external operating income, profits are distributed according to the equity ratio
Internal processing can enjoy discounted prices, with a discount of 20% of the market price
Conduct an annual financial audit to ensure transparent operations
39. Environmental compliance:
Equipped with comprehensive environmental protection facilities, including waste gas treatment, sewage treatment, etc
Obtain the business license issued by the environmental protection department
Regularly conduct environmental monitoring to ensure compliance with emission standards
After the completion of the shared recycling center, the processing cost was reduced by 40% compared to single plant processing, and the waste recycling rate increased from 70% to 90%, saving a total of about 8 million yuan in costs for various enterprises every year. Meanwhile, through centralized processing, the waste recycling and utilization rate in the region has reached over 95%, and has received environmental protection rewards from the government.
3.3.3 Property Rights Arrangements under the Circular Economy Model
The circular economy model requires plastic factories to rethink the value of waste and achieve resource recycling through property rights arrangements.
The property rights arrangement for a plastic factory implementing a circular economy model is as follows:
40. Redefine of Waste Property Rights:
Define waste as "raw materials to be processed" rather than waste
Establish an internal pricing system for waste materials and endow them with economic value
Clearly define the ownership of waste materials, and in principle, whoever generates them owns them
41. Internal circulation mechanism:
The scraps generated in the injection molding workshop are directly returned to the raw material warehouse and priced at 90% of the original price
Unqualified products are crushed and used as recycled materials, priced at 70% of the new material price
Employees who save raw materials can receive a reward of 30% of their value
42. External recurrent network:
Establish a waste exchange mechanism with downstream enterprises to achieve cascading utilization of waste
For example, the waste from producing transparent products is supplied to enterprises that produce dark colored products
Establish a waste trading platform and release real-time waste information
43. Industrial chain collaboration:
Extend upstream and participate in the recycling and reconstruction of raw materials
Collaborate with raw material suppliers to reprocess recycled materials into raw materials
Extend downstream and establish a product recycling system
44. Incentive mechanism:
Establish a circular economy incentive fund to reward employees who have made contributions in waste utilization
Incorporate waste utilization rate into departmental KPI assessment, with a weight of 10%
Provide patent rewards to employees who propose innovative waste utilization solutions
45. Technological innovation:
Investing in research and development of waste cleaning technology to improve the quality of recycled materials
Develop new products compatible with recycled materials and expand the application scope of recycled materials
Collaborate with research institutes to jointly develop waste resource utilization technologies
Through the property rights arrangement of the circular economy model, the waste utilization rate of the enterprise has reached over 95%, saving an annual raw material cost of 15 million yuan and reducing raw material procurement by 20%. At the same time, it has been recognized as a circular economy demonstration enterprise by the government and enjoys tax preferential policies.
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