The State Council of China announced on May 16 that the government will earmark RMB 26.5 billion (US$ 4.2 billion) to subsidize the consumption of energy-efficient household electrical appliances for a one-year period. The appliances include air conditioners, refrigerators, water heaters, flat-panel television sets and washing machines that meet energy-saving standards, according to a statement released after an executive meeting of the State Council presided over by Premier Wen Jiabao. The government will also carry out public campaigns to promote frugality and low-carbon consumption, and the promotion of energy-saving products can help maintain economic momentum and expand domestic demand, as well as boost economic restructuring and energy savings. According to industry insiders, the new policy will result in a consumption of home appliance of RMB 300-500 billion (US$ 47-79 billion).
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