China subsidy program spurs 342 bln yuan in home appliance sales

China's "old-for-new" home appliance subsidy program spurred nearly 342 billion yuan (54.3 billion U.S. dollars) in sales this year, data released Saturday by the Ministry of Commerce (MOC) showed. Near 92.5 million units of home appliances in five major categories -- TV sets, refrigerators, washing machines, air conditioners and computers -- were sold this year, data showed. 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. Total subsidies by the central government budget for this program reached nearly 30 billion yuan during the 2009-2011 period, according to the data. MOC Spokesman Shen Danyang said earlier this month the subsidy program has achieved its intended goals and is scheduled to conclude by the end of 2011.