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Subsidy not prolonged
Aggregated Source: Shanghai Daily: Business

China will not extend the one-year subsidy scheme for energy-saving home appliances when it expires tomorrow, the Ministry of Finance said yesterday.

Before the announcement, sales of subsidized products already rose sharply this month as customers flocked to home appliance retailers to seize the last opportunities to enjoy the subsidy program.

Suning Home Appliance Co, the country's largest home appliance retailer, said sales grew eight times from the same period a year ago from Friday to Sunday. It added that refrigerator sales rose more than 10 times.

Rival Gome also said sales of energy-saving products during the Labor Day holiday earlier this month surged 30 percent from a year ago, with air conditioners and TVs selling 40 percent more.

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Copyright Shanghai Daily: Business