China is reducing prices for energy-efficient home appliances, the National Development and Reform Commission (NDRC) said in a statement Thursday.
Price cuts went into effect Thursday and will last three years. The program is sponsored by the NDRC and the Ministry of Finance.
Consumers will find prices lowered between 300 yuan to 850 yuan(US$44 to US$125) on energy-efficient air-conditioners, refrigerators, television sets, washing machines and motors.
Cost reductions are expected to generate 400 billion to 500 billion yuan of consumption demand and save 75 billion kwh of power. It could also have the environmental impact of cutting carbon dioxide emissions by 75 million tonnes annually, said Xie Zhenhua, NDRC vice minister.
Manufacturers of energy-efficient products are also eligible for subsidies although specifics were not released by the NDRC.
"Energy-efficient products now occupy only 5 percent to 15 percent of the domestic market share. After the implementation of the price cuts, their market share was expected to be raised to 30percent," Xie said.
(Xinhua News Agency May 22, 2009)