Support unveiled for electronics and telecommunications
China plans to invest more than RMB 600 billion ($88 billion) in the nation’s electronics and telecommunications industries, according to a draft of a proposal in which the government is also considering raising export tax rebates on 25 products to 17 percent.
Television manufacturer, Sichuan Changhong（600839,SH）gained 10 percent on the news. GD Midea (000527,SZ), China’s second-biggest appliance maker, rose 9.97 percent.
Gree Electric Appliances Inc. (000651), which makes air conditioners, also climbed 6.71 percent. TCL group (000100,SZ), China’s largest consumer electronics maker, rose 4.79 percent. It said yesterday that the number of LCD TVs it sold in January almost tripled year-on-year to 557,984.
Tsingdao Haier(600690), an electrical-goods maker, advanced 4.63 percent. The company was the biggest winner in the “home appliance goes rural” campaign last year.
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