China's Appliance Stimulus Spurs Sales of $40 Billion
Jun 5, 2013
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Figures from China's Ministry of Finance, show just how much the Chinese government invested in its appliance stimulus program--and how significantly it paid off for the Chinese appliance industry--before the program expired May 31, 2013.
China allocated 12.2 billion yuan (approx. US$2 billion) to stimulate the market for energy-saving appliances. The Ministry estimates the subsidies spurred consumer demand for sales of more than 250 billion yuan (approx. $40.8 billion).
In addition to substantially spurring demand, often among buyers who would not have otherwise owned the appliances, the Chinese stimulus effort increased the share of energy efficient appliance sales. The ministry said energy-efficient product sales now account for:
* 53% of the air-conditioner market
* 57% of the refrigerator market
* 46% of the washing machine market
* 93% of the flat-panel TV market
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