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Guangdong to Continue Electronics Trade-in Program 4-5 More Years

Nandang Daily, 1/05/10

Qi Zhenli, deputy party secretary of Guangdong's Economic and Informatization Commission, has revealed that China's "Old for New" nationwide consumer electronics trade-in initiative will continue after the trial period ends this May, and Guangdong will continue the program for another four or five years.

Luo Fangshu, director of the commission's market construction office, said talks are underway with the Guangdong Province Finance Bureau about providing advances on subsidy funds to successfully bidding companies that are in sound financial shape and with relatively large sales volumes. The commission also promised to pay out subsidies more quickly and reduce the burden on participating retailers.

Gao Jiqun, GM of the Guangzhou branch of consumer electronics retailer Gome (0493.HK), said "the policy has increased Guangzhou Gome's sales by at least 30%."

Regarding the recycling and scrapping side of the program, Guangdong has already applied to both the Ministry of Commerce and Environmental Ministry to relax bidding qualifications for scrap companies, to add three to five more scrap firms to the program, and to insure there is a scrap company in the eastern, northern and western regions of the province as well as the Pearl River Delta. Meanwhile, recycling firms will enjoy preferential VAT policies.

Keywords: Qi Zhenli Luo Fangshu Gao Jiqun Old for New consumer electronics hardware recycling Gome Guangdong 0493.HK home appliances government initiative government support government subsidy


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