China grants farmers subsidy to buy TV, mobile phones

China grants farmers subsidy to buy TV, mobile phones

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China will subsidise its huge rural population in purchasing electronic equipments to encourage domestic consumption and reduce ballooning trade surplus in the country.

From December, 2007 to May 2008, farmers will receive 13 percent rebates in prices for color television sets, refrigerators and mobile phones. The Government will divert its 20 percent of exports to the rural market and reduce the trade surplus by 10 billion. The government will start three major agricultural provinces Shandong, Henan and Sichuan. In next plan, government will also include air conditioners and washing machines. With this movement, farmers will be more benefited and government will divert more expenditures into the consumer sector from fixed asset investment and the export industry.

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