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

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.

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

The U.S. State Department announced Wednesday that it is pausing immigrant visa processing from 75 countries.

The measure will apply to "countries whose migrants take welfare from the American people at unacceptable rates. The freeze will remain active until the U.S. can ensure that new immigrants will not extract wealth from the American people," the department said on X.

The pause impacts countries including Somalia, Haiti, Iran and Eritrea, "whose immigrants often become public charges on the United States upon arrival," said the State Department.

Earlier on Wednesday, the department announced in a memo that it would suspend visa processing for 75 countries, including Somalia, Russia, Afghanistan, Brazil, Iran, Iraq, Egypt, Nigeria, Thailand and Yemen, according to a Fox News report.

The pause will begin Jan. 21 and will continue indefinitely until the department conducts a reassessment of visa processing, the report said. The move came after the White House announced on Tuesday that it is ending temporary protected status for Somali immigrants amid fraud allegations in Minnesota.

On Monday, the State Department announced on social media that it had revoked over 100,000 visas since U.S. President Donald Trump took office nearly a year ago.

In November 2025, Trump announced his intention to permanently suspend immigration from what he described as "Third World countries", following the death of a National Guard member after being shot near the White House by an Afghan national.

U.S. freezes immigrant visa processing from 75 countries