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Subsidy program fails

(Xinhua)

08:00, May 08, 2012

A nationwide subsidy program for rural consumers failed to spur home appliance sales in rural China amid the economic slowdown in the first four months of this year, according to data released by the Ministry of Commerce (MOFCOM) yesterday.

Home appliance sales in China's countryside fell 6.7 percent year-on-year to reach 61.68 billion yuan ($9.8 billion) from January to April. The volume of appliances sold in the period dropped 16.7 percent to hit 23.34 million units, according to MOFCOM.

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