Government funds green purchases

Updated: 2012-05-17 07:23

By Li Fangfang (China Daily)

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China will provide financial subsidies of 26.5 billion yuan ($4.2 billion) to stimulate the consumption of energy-saving products, mainly automobiles and household appliances, said the State Council.

The green measure also aims to expand domestic demand in a bid to provide stable growth for the world's second-largest economy. The subsidy will be available for household appliances including air conditioners, refrigerators and washing machines for one year.

Among the subsidies, 6 billion yuan will be used to promote the consumption of energy-saving vehicles with engine capacities of 1.6 liters or less, and 2.2 billion yuan is going to subsidize the use of energy-conserving light bulbs and LEDs.

Moreover, 1.6 billion yuan will be allocated to efficient electric motors.

China said in its 12th Five-Year Plan (2011-15) that it would slash domestic energy consumption per unit of GDP by 16 percent, and carbon dioxide emission per unit of GDP by 17 percent, from 2010 levels, by 2015.