China's Home Appliance Replacement Scheme Fuels 152.12 Bln Yuan Sales

BEIJING, Mar. 9 -- China's old-for-new home appliance subsidy program has to date stimulated 152.12 billion yuan (about 23.17 billion U.S. dollars) in sales, with televisions and air-conditioners the most popular of the five designated products, the Ministry of Commerce (MOC) said Tuesday.

As of Monday, the sales volume of new home appliances under the government subsidy scheme reached 40.27 million units while 41.72 million units were traded in to be recycled, the MOC said in a statement on its website.

Televisions and air-conditioners are the most popular appliances, accounting for 35.6 percent and 21.9 percent respectively of the total sales volume, followed by computers, refrigerators and washing machines, the statement said.

To stimulate consumption, China began a subsidy plan for home appliance buyers in nine cities and provinces in June 2009, and expanded the pilot program to 28 cities and provinces in June 2010.

Under the program, consumers selling their old appliances to recycling companies are eligible for a 10-percent discount on the purchase of new appliances.