China Expands Home Appliance Replacement Program
Jun 4, 2010
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China's Ministry of Commerce (MOC) said on June 3 that it will expand its home appliance replacement program from nine to 28 cities and provinces. The expanded program started June 1 and lasts until the Dec. 31, 2011.
Consumers sell old appliances to recycling centers in exchange for a voucher that is then presented to the retailer for the 10% discount.
Hebei, Shanxi, Liaoning, Jilin, Anhui, Fujian, Jiangxi, Henan, and Hubei provinces were added to the program, as well as the cities of Dalian, Xiamen, and Chongqing.
Appliance buyers will get an incentive worth 10% of the purchase price for TVs, refrigerators, washers, air-conditioners, and PCs.
The stimulus is expected to result in an extra 150 billion yuan (approx. US$22 billion) in domestic spending.
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