China's VAT data reflects growth in enterprise purchases, consumer spending

BEIJING, Aug. 15 (Xinhua) -- China's State Taxation Administration on Friday released value-added tax (VAT) invoice data for the period from April 2024 to July 2025, which reveals that the equipment-renewal program and consumer goods trade-ins have played an active role in facilitating industrial upgrading and transformation, boosting consumer demand, and improving economic circulation.

In the said period, the nationwide enterprise purchases of machinery equipment increased by 7.3 percent year on year.

Purchases of machinery equipment by industrial enterprises increased by 9.8 percent year on year. Purchases of machinery equipment in the information transmission and information technology services sector increased by 27.8 percent, while those in the scientific research and technological services sector grew by 28.3 percent.

During the same period, retail sales revenue for home appliances increased by 44.5 percent year on year, while retail sales for home audio-visual equipment saw a 22.8 percent growth.

Retail sales revenue for furniture and sanitary ware increased by 30.1 percent and 13.6 percent year on year, respectively. Notably, sales revenue for service robots grew by 51.1 percent.

The trade-ins have boosted China's auto consumption, with new energy vehicle sales surging by 81.7 percent. ■