China offers $2.2bn subsidy for energy efficient appliances

China will offer subsidies worth US$2.2 billion to buyers of energy-efficient electronics and appliances over the next year in a bid to use consumer demand to revive slumping economic growth, Reuters reported, citing Xinhua news agency. The program will cover purchases of energy-efficient desktop computers, air-conditioners, fans, water pumps, compressors and transformers and is expected to raise the market share of the energy-saving products to more than 40%. A smaller subsidy program in place since 2009 has boosted sales of energy efficient products by over RMB600 billion (US94.68 billion) and saved 28 billion kilowatt hours of electricity each year. The announcement came on the heels of Beijing’s pledge to stimulate the economy by financing 60 infrastructure projects worth more than US$150 billion.