Suning flips the switch on rural expansion plan
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According to the Ministry of Commerce, Suning earned 3.09 billion yuan from the program at the end of November, making it its No 1 beneficiary.
During the third quarter of last year, the company's sales rose 6.32 percent from a year earlier.
Suning will reap an additional 20 to 25 billion yuan from the ongoing program, according to a recent report from Essence Securities.
While the company's 2009 financial report is yet to come out, Suning officials are upbeat. Zhang predicts sales will grow by 20 percent.
Following a national drop in export volume over the last few years, the government enacted programs to encourage domestic consumption, which added more than 50 percent to GDP growth, the ministry said.
Suning is forecasting China's consumer electronics' market will enjoy strong growth for the next 10 years, and market watchers envision a bright future for the company as well.
"Suning's estimated annual growth will be 25 percent over the next three years," said Essence Securities.
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