China's home appliance sector reports steady profit growth in first nine months

BEIJING - China's home appliance sector saw steady profit growth in the first nine months of the year, official data showed.

The industry's total profits amounted to 93.94 billion yuan ($13.4 billion) during the January-September period, up 5.9 percent year-on-year, according to the Ministry of Industry and Information Technology.

Revenue came in at 1.2 trillion yuan, up 3.6 percent from the same period last year.

About 64.27 million sets of refrigerators were produced during this period, up 4.3 percent year-on-year, while that of air-conditioners and washing machines grew 6.4 percent and 7.5 percent, respectively.

To further boost home appliance consumption, China introduces incentives to encourage consumers to replace old home appliances and electronics with greener and smarter alternatives.