The tax data recently released by the State Administration of Taxation shows that in the past year since the implementation of the "two new" policy, the equipment renewal of enterprises across the country has steadily advanced, and the policy of exchanging old for new consumer goods has had a significant effect, indicating that China's production demand is steadily increasing and consumer market confidence has strengthened. Under a series of policy measures including taxation, enterprises are intensifying their efforts to carry out equipment updates. According to value-added tax invoice data, from April 2024 to February 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 5.9% year-on-year, reflecting the acceleration of enterprise equipment updates with the implementation of large-scale equipment renewal plans. Especially since the end of September 2024, the continuous implementation of a package of incremental policies and the effective implementation of existing policies have further boosted business confidence. From October 2024 to February 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.1% year-on-year, further enhancing the driving force for equipment updates. Specifically, in the past year, the amount of machinery and equipment purchased by industrial enterprises has increased by 4.6% year-on-year, indicating that the overall situation of equipment updates in industrial enterprises is good; The procurement amount of mechanical equipment in the information transmission software and information technology service industry, scientific research and technology service industry increased by 18.7% and 21.7% respectively year-on-year, indicating an increase in investment in equipment updates in the information and technology industry; The amount of digital equipment purchased by enterprises nationwide increased by 15.4% year-on-year, reflecting that digital transformation has become an important development direction for enterprises, and the driving force for updating digital equipment in enterprises is strong; The amount of machinery and equipment purchased by private enterprises increased by 8.4% year-on-year, higher than that of state-owned and foreign-funded enterprises, reflecting the more prominent role of private enterprises in supporting equipment updates. Consumption is one of the "three pillars" driving economic growth and an important engine for promoting economic circulation and achieving high-quality development. Hong Tao, Vice Chairman of the China Society of Consumer Economics and Director of the Institute of Business Economics at Beijing Technology and Business University, stated that the policy of exchanging old for new consumer goods has played an important role in boosting consumption, meeting the upgrading needs of urban and rural residents, and expanding domestic demand. The policy of exchanging old for new consumer goods has accelerated the process of product renewal. According to the value-added tax invoice data, from April 2024 to February 2025, the sales revenue of daily household appliances such as refrigerators and household audio-visual equipment retail industry, as well as television retail industry, increased by 28.6% and 19.9% respectively year-on-year. The consumption of household appliances has heated up, and demand has steadily released; The sales revenue of furniture and sanitary ware retail industry increased by 18.6% and 13.8% respectively year-on-year, among which the sales revenue of service consumer robot manufacturing industry such as sweeping robots increased by 25.9% year-on-year, reflecting the higher consumption of home products and the greater popularity of smart homes among consumers; The national sales of new energy vehicles increased by 45% year-on-year, and the sales of used cars increased by 18.1% year-on-year, reflecting the continuous release of demand for car trade in and the sustained growth of car sales. In 2025, the 'two new' policies will intensify efforts to expand the scope, further expand effective investment, and boost consumer demand The responsible person of the relevant department of the State Administration of Taxation stated that the tax department will continue to do a good job in policy promotion and guidance, continuously optimize tax and fee services, make it easier to "get rid of the old" and more willing to "replace the new", further stimulate market vitality, boost consumer confidence, and contribute tax power to the solid promotion of large-scale equipment updates and consumer goods trade in. (New Society)