Experts predict that the household appliance market in Shanghai will continue to grow rapidly in 2004. Statistics from the organizing committee of the Shanghai Household Appliance Festival show that Shanghai citizens paid 434 yuan (approx. U.S. $52.5) on average for household appliances in 2003, a year-on-year growth of 27.6 percent.
The sale of household appliances in the first 2 months of 2004 amounted to 3.8 billion yuan (approx. $459 million) in Shanghai, 12.4- percent more than the same period last year.
Chen Gang, deputy secretary general of the China household appliance association, said the steadily growing international market and the direction transfer of world manufacturing would ensure the development of China's household appliance business for the next 10 years.
The competition among China's household appliance producers has become more fierce, said Mr. Chen, and multinational corporations together with private enterprises would be the mainstay of the future market. (Xinhua)
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