What is a Circular Economy?

In environmental protection law, I am unclear about how the circular economy is understood. I hope to receive support according to the latest document.

Pursuant to Clause 1, Article 142 of the Environmental Protection Law 2020 (Effective from January 1, 2022) which stipulates regulations on the circular economy, therein:

Circular economy is an economic model in which design, production, consumption, and service activities aim to reduce resource and material extraction, extend the product lifecycle, limit waste generation, and minimize negative environmental impacts.

Respectfully!

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