China’s home appliance sector saw robust profit growth in the first 10 months of the year, official data showed.
The industry’s total profit stood at 107.23 billion yuan (about USD 15.26 billion) during the January-October period, up 12.5 percent year on year, according to the Ministry of Industry and Information Technology.
Revenue reached 1.3 trillion yuan, up 4.2 percent from the same period last year.
About 71.11 million refrigerators were produced during this period, up 3.8 percent year on year, while the number of air-conditioners and washing machines grew 6.2 percent and 7.6 percent, respectively.
To further boost home appliance consumption, China has introduced incentives to encourage consumers to replace old home appliances and electronics with greener and smarter alternatives, according to a guideline issued by the State Council in August this year. Xinhua Net