The total output value of China's remanufacturing industry is expected to reach 150 billion yuan ($24 billion) by 2015, according to figures released at an international industry forum held in Beijing recently.

Remanufacturing refers to the process of disassembling and recovering material such as used vehicle parts, mechanical equipment and tools, among other products, and make them the same quality as new products.

"Remanufacturing companies in China have the ability to reproduce a total amount of 250,000 machines per year worth over 2 billion yuan," said Xu Binshi, an expert on the field with the Chinese Academy of Engineering.

There are about 100 million vehicles in China. About 14 million of the vehicles will be scrapped soon and the parts need to be reused to minimize pollution.

According to data released by the Ministry of Industry and Information Technology, the cost of reutilizing products is only 50 percent of the cost of making new ones, saving 60 percent of energy and 70 percent of materials, and reducing pollution as well.

"It's essential to apply the techniques of the remanufacturing industry to be the efficient, and to stop being the country with the world's largest amount of industrial waste and pollution, and we also have to reutilize green products intelligently," said Pan Yunhe, the deputy director of Chinese Academy of Engineering.

The Ministry of Industry and Information Technology also said it plans to launch more beneficial policies to create a better industry chain for remanufacturing companies.