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New subsidy policy

(Global Times)

08:52, August 08, 2012

China Household Electrical Appliance Association announced Tuesday that it will offer subsides for small home appliances and kitchen and bath products of as much as 10 percent nationwide from Friday in a bid to promote sales.

The home appliances include microwave ovens, rice cookers, soybean milk machines and water purifiers, and retailers such as Gome Electrical Appliances and Dazhong Electronics are included in the program, according to the association.

According to the plan, the subsidy will be 50 yuan when the price of each small appliance reaches 500 yuan ($1.57), and the subsidy for kitchen and bath products could reach 100 yuan for products costing 1,000 yuan. All the subsidies are in cash.

China to launch ETFs

China is preparing to launch exchange-traded funds (ETFs) tied to the domestic bond market, the Shanghai Securities News reported Tuesday, to open up its investment market.

Guotai Asset Management Co and Bosera Asset Management Co will likely be among the first firms to launch such funds, the paper said. Bosera has already received preliminary approval from the Shanghai Stock Exchange to begin preparatory work.

Hanlong cuts bid

China's Hanlong Group has cut its offer for Australia-listed miner Sundance Resources by 30 percent to A$1.2 billion ($1.27 billion) to reflect the weak commodities outlook, a source with direct knowledge said.

Hanlong and Sundance are still in talks over the revised offer, the source said.

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