Midea Sales Up 70% in 2004 Jan 19, 2005

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Midea Group, a major Chinese appliance producer, announced that its sales volume exceeded 30 billion yuan (approx. U.S. $3.6 billion) in 2004, including an export volume of more than $1.05 billion, up 70 percent and 110 percent year-on-year, respectively.

In 2004, the group invested more than 2 billion yuan in 20 projects in Shunde City in south China's Guangdong Province, covering production of air-conditioners, air compressors, microwave ovens, and other appliances.

Reports say that the Chinese company is targeting a sales volume of 100 billion yuan by 2010. (XIC)

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