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China "Rural Appliance" Sales Reach RMB 246 Bln, 12/09/11

The latest figures from China's Ministry of Commerce show that as of the end of November 2011, the government-sponsored "Rural Appliance" home electronics subsidy program had sold 96.35 mln appliances, up 43.6% YoY, worth RMB 245.6 bln this year, up 63.7% YoY. For the month of November, 11.15 mln units were sold, up 44.1% YoY, worth RMB 29.8 bln, up 65.8% YoY. Sales were highest in Shandong, Henan, and Sichuan, each exceeding RMB 3 bln. Sales of TV sets were up more than 40% YoY, together with refrigerators, hot water heaters, and air conditioners accounting for 81.5% of total sales volume. Consumer electronics manufacturer Changhong (600839.SH) and laptop, PC, and handset manufacturer Lenovo (0992.HK) saw the highest growth, exceeding 100% YoY.

As of November 30, 2011, 2.1 bln appliances had been sold since the program began in June 2009 for total revenues of RMB 487.4 bln, with RMB 55.6 bln in subsidies distributed.

Keywords: national statistics Rural Appliance consumer electronics hardware Ministry of Commerce sales volume government initiative government support government subsidy home appliances retail

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