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China's subsidies to energy-saving home appliances, which aim toput domestic home appliance makers at an advantage compared to theforeign brands, will help domestic technological upgrade andconsolidate the industry, market insiders said yesterday. In an effort to boost consumption and bolster the slowing economy,the Ministry of Finance (MOF) released a new stimulus packageMonday, subsidizing consumers by up to 400 yuan ($62.8) for buyingenergy-saving refrigerators, up to 260 yuan for highlyenergy-efficient washing machines, and up to 600 yuan for heat pumpwater heaters, based on their respective energy efficiency levels. The new home appliance stimulus policy has been effective sinceFriday and will last till May 31, 2013, the MOF said in astatement. Consumers can get discounts immediately on the purchase if theyprovide copies of their ID cards, and it is up to the producers toget the subsidies from the MOF, the ministry said. "This is an extension of a series of previous stimulusmeasures extended to home appliance industry," said WangDanqing, a home appliance consultant with Beijing-based AdfaithManagement Consulting. China launched similar measures as early as 2007 to promote homeappliance sales in rural areas in a bid to propel consumption, butthat policy is set to expire by the end of this year, and anothersimilar incentive called "old-for-new" expired at the endof 2011. Unlike the previous stimulus packages, the new measures offergreater amount of subsidies targeting only energy-saving products,which will not only benefit the consumers and stimulateconsumption, but also encourage producers to upgrade technologiesand create jobs in new energy sector, Wang told the Global Times. As large home appliance producers have advantages in terms ofenergy-saving technologies, the smaller producers with outdatedtechnologies will be eventually phased out of the market, so thesubsidy policy may lead to mergers and acquisitions in this sector,he noted. China's economy has been slowing down and facing challenges of weakexternal demands from the EU, its top trading partner, and the US,where economic recovery is still an uncertainty. Gome, one of China's largest home appliance retailers, told theGlobal Times yesterday that it estimated 20 to 25 percent of itssales this year will benefit from the subsidy policy. Currently energy-saving home appliances account for about 30percent of Gome's sales, and it aims to have more highly-efficientproducts, the company said. The MOF has so far doled out subsidies for TV and air conditionerproducers. Apart from domestic home appliance producers, such asHaier, Hisense and Gree, foreign brands including Sanyo, Panasonicand Samsung are also found on the incentive list. The e-commerce company in China offers quality products such as Pop Blind Rivet Manufacturer , Peel Blind Rivet Manufacturer, and more. For more , please visit Pop Blind Rivet today!
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