FILE: Beijing, China - Date Unknown (CCTV - No access Chinese mainland)
1. State Taxation Administration sign on office building

FILE: China - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
2. Various of equipment in factory
3. Various of robotic arms operating in factory
4. Footage showing production line in factory
5. Various of worker operating equipment

FILE: Zhejiang Province, east China - Date Unknown (CCTV - No access Chinese mainland)
6. Various of robotic arms operating in factory

FILE: Heilongjiang Province, northeast China - Date Unknown (CCTV - No access Chinese mainland)
7. Staff working on computer

FILE: Nanchang City, Jiangxi Province, east China - Date Unknown (CCTV - No access Chinese mainland)
8. Various of customers shopping for washing machines, air conditioners, TV sets

FILE: China - Date Unknown (CCTV - No access Chinese mainland)
9. Smart phones for sale
10. Various of customers trying out new car

FILE: Shijiazhuang City, Hebei Province, north China - Date Unknown (CCTV - No access Chinese mainland)
11. Various of people at car dealership
12. Various of customers trying out new car

The latest value-added tax (VAT) invoice data released by China's State Taxation Administration reveals robust growth in enterprise equipment updates in the first three quarters of this year, driven by expanded policies on large-scale equipment renewal and consumer goods trade-ins.

From January to September, the value of enterprises' purchases of machinery equipment increased 9.4 percent year on year in the period, according to data released on Thursday.

The high-tech manufacturing sector maintained strong growth momentum, with equipment procurement increasing by 14 percent. Notably, purchases of digitized equipment climbed 18.6 percent, signaling a strong shift toward digital transformation among businesses.

The investment in equipment renewal in the information and technology industries has been also expanded. The information transmission, software, and IT services industry saw a 26.8 percent year-on-year increase in mechanical equipment procurement, while the scientific research and technical services industry grew 32.5 percent.

Meanwhile, the trade-in programs for consumer goods have encouraged public spending. In the first three quarters of this year, retail sales revenue for home appliances grew by 48.3 percent and furniture retail increased by 33.2 percent year-on-year, respectively. The newly expanded retail sector for communication devices, such as mobile phones, witnessed sales revenue growth by 19.9 percent year-on-year.

The trade-in programs have also boosted China's car consumption. The data shows that the sales of new energy vehicles surged 30.1 percent year on year in the first three quarters of 2025.