China's VAT data shows growing spending on equipment renewals by firms

NAMPA / Xinhua

2025-10-16

BEIJING, Oct. 16 (Xinhua) -- China's State Taxation Administration on Thursday released value-added tax (VAT) invoice data, which reveals growth in firms' spending on equipment renewals and rising sales of home appliances in the first three quarters of this year. Boosted by the equipment-renewal and consumer goods trade-in programs backed by the government, the value of enterprises' purchases of machinery equipment increased 9.4 percent year o......

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