Economy

China's old-for-new subsidy scheme fuels 112b yuan sales

(Xinhua)
Updated: 2010-12-10 10:03

BEIJING -?China's home appliance replacement program has been an incentive for consumers to spend 112.69 billion yuan ($16.9 billion) since it was launched in June 2009, the Ministry of Commerce (MOC) said Thursday.

As of Thursday, the sales volume of home appliances under the government subsidy scheme reached to?more than 30 million units, the MOC said in a statement on its website.

To stimulate consumption, China began a subsidy plan for home appliance buyers in?nine cities and provinces, including Beijing, Shanghai, Tianjin, Fuzhou, Jiangsu and?Guangdong, in June 2009, and expanded the pilot program to 28 cities and provinces in June 2010.

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Under this program, consumers can sell their old appliances to recycling companies and receive a certificate which they can give to retailers in exchange for a 10-percent discount on the purchase of new appliances.