- Value-added tax invoice data indicates positive development trends in large-scale equipment updates and consumer goods replacement
- The State Council issued an action plan in March to promote these updates and replacements, effectively boosting investment growth and unlocking consumer potential
- Supportive policies fully launched this year have accelerated updates in key areas and improved consumption of home appliances and furniture
- In July, measures were introduced with approximately 300 billion yuan in ultra-long-term special national bonds to further support these initiatives
- National enterprise equipment purchases increased by 4.5% in November and 6.1% from January to November, outpacing the overall national purchase growth rate
- Significant growth was seen in industrial enterprises and sectors like manufacturing and utilities, with machinery equipment purchases increasing by 5.1% to 5.5%
- Modern service industries such as business leasing, IT services, and scientific research services saw even higher growth rates in equipment purchases, reflecting accelerated development in new productive forces
- The old-for-new policies for consumer goods, driven by national encouragement and local support, have shown effectiveness, especially in home appliances and furniture sales
- Sales of home appliances like TVs and refrigerators grew significantly, with notable spikes during promotional events like Double Eleven
- Furniture and sanitary ware retail sales also showed strong growth, outperforming overall retail growth
- The head of the Tax Research Institute of the State Administration of Taxation, Huang Lixin, stated that the data reflects a stable and rising production demand and increasing market confidence
- With the continuous expansion of the new policies and the implementation of recent economic policies, further policy effectiveness is expected, promoting industrial upgrading, improving public welfare, and advancing high-quality economic development
Source: chinatax.gov.cn
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
