Beijing: China's State Taxation Administration has revealed new value-added tax (VAT) invoice data indicating an increase in firms' spending on equipment renewals and a rise in sales of home appliances during the first three quarters of this year.

According to Namibia Press Agency, the government's backing of equipment-renewal and consumer goods trade-in programs has resulted in a 9.4 percent year-on-year increase in the value of enterprises' purchases of machinery equipment. Notably, the high-tech manufacturing sector saw a 14 percent year-on-year growth in machinery equipment purchases, while firms' acquisitions of digitized equipment surged by 18.6 percent.

The period also saw substantial growth in retail sales revenue for home appliances, with refrigerators witnessing a 48.3 percent year-on-year increase. Additionally, retail sales for audio-visual gadgets grew by 26.8 percent. Furniture sales revenue rose by 33.2 percent, and cell phone sales revenue increased by 19.9 percent year on year.

China's trade-in programs have also positively impacted car consumption. Recent data from the China Association of Automobile Manufacturers highlights a 34.9 percent year-on-year surge in new energy vehicle sales, reaching nearly 11.23 million units in the first nine months of this year, making up 46.1 percent of total vehicle sales in China.