China "Old for New" Program Sales Exceed RMB 300 Bln
Dfdaily.com, 12/31/11
The latest figures from China's Ministry of Commerce show that as of the end of November 2011, the government-sponsored "Old for New" home electronics subsidy program had sold 81.3 mln units to date, generating over RMB 300 bln in sales.
Announcing the end of the "Old for New" program on December 31, Ministry spokesperson Shen Danyang said that new consumption promotion measures would be announced early this year.
Between 2009 and 2011, a total of approximately RMB 30 bln in government subsidies was provided for the "Old for New" program nationwide. The program employed over 400,000 people, over 70% of whom were rural migrants and laid-off urban workers.
The program began trials in seven provinces and municipalities including Beijing and Tianjin as well as the cities of Fuzhou and Changsha, expanded to cover 23 provinces, autonomous regions, and municipalities in June 2010, and expanded nationwide in April 2011.
Keywords: national statistics sales volume HR Old for New hardware Ministry of Commerce Shen Danyang government initiative government support government subsidy consumer electronics home appliances retail
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