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Panasonic seeks to double appliance sales in China by 2020

Panasonic Corp. is aiming to double its sales of consumer electronics in China by fiscal 2020 by attracting more middle-class customers, the Nikkei Asian Review reported March 9, citing Panasonic Appliances China Managing Director Wu Liang's statements at the Appliance & Electronics World Expo in Shanghai.

The consumer electronics producer reportedly plans to reach about 20 billion yuan in sales in the country by broadening its main target customers from families earning 320,000 yuan or more to middle-class families earning an annual income of 250,000 yuan or more.

Panasonic's sales for the fiscal year ending in March are projected to grow 17% to about 10.5 billion yuan, the report said.

As of March 8, US$1 was equivalent to about 6.34 Chinese yuan.