BEIJING — China's home appliance sector saw steady profit growth in the first eight months of the year, official data showed.
The industry's total profit amounted to 79.9 billion yuan (about $11.3 billion) during the January-August period, up 14.9 percent year-on-year, according to the Ministry of Industry and Information Technology.
Revenue came in at 1.05 trillion yuan, up 4.7 percent from the same period last year.
About 57.4 million sets of refrigerators were sold during this period, up 2.8 percent year-on-year, while sales of air-conditioners and washing machines grew 8 percent and 6.8 percent respectively.
To further boost home appliance consumption, China has introduced incentives to support consumers to replace old home appliances and electronics with greener and smarter alternatives.