China VAT Invoice Data Shows Strong Holiday Services and Goods Spending

VAT invoice data is a useful, if indirect, proxy for real activity because it captures actual transactions rather than survey sentiment, so the signal here matters more than the holiday framing. The strength leans toward goods categories like appliances and electronics, which is where trade-in subsidy programs have been concentrated, so the durability of that demand once incentives fade is the open question. Watch whether services momentum holds up in the next official consumption print.