BEIJING, March 8 (Xinhua) -- China's large-scale equipment upgrades and consumer goods trade-ins, launched a year ago, have steadily progressed and yielded remarkable outcomes, showcasing the country's robust economic vitality and growing confidence in the consumer market.

 

Here is a set of the latest value-added tax (VAT) invoice data released by the State Taxation Administration, highlighting the program's impressive impact on boosting investment and unlocking consumer potential.

 

-- Over the past year, purchases of machinery equipment by industrial enterprises increased by 4.6 percent year on year, indicating a positive trend in equipment renewal by industrial companies.

 

-- Purchases of machinery equipment in the information transmission and information technology services sector increased by 18.7 percent, while those in the scientific research and technological services sector grew by 21.7 percent.

 

-- Corporate purchases of digital devices increased by 15.4 percent, showing a growing trend of digital transformation among Chinese firms.

 

-- In the private sector, machinery equipment purchases increased by 8.4 percent, outpacing state-owned and foreign enterprises. This highlights the crucial role of private businesses in supporting equipment renewals.

 

-- From April 2024 to February 2025, retail sales revenue for home appliances increased by 28.6 percent year on year, while retail sales for home audio-visual equipment saw a 19.9 percent growth. Subsidies for consumer goods trade-ins drove the growth.

 

-- From April 2024 to February 2025, retail sales revenue for furniture and sanitary ware increased by 18.6 percent and 13.8 percent year on year, respectively. Notably, sales revenue for service robots, such as robotic vacuum cleaners, grew by 25.9 percent.

 

-- The trade-ins have boosted China's auto consumption, with new energy vehicle sales surging by 45 percent between April 2024 and February 2025.

 

According to the recently released government work report, boosting consumption is a top priority for China's economy in 2025, with domestic demand identified as the "main engine and anchor" of economic growth.

 

To support consumer goods trade-ins, China has announced the issuance of ultra-long special treasury bonds totaling 300 billion yuan (about 41.8 billion U.S. dollars) this year, up from 150 billion yuan in 2024.