以旧换新“乘数效应”激发消费活力，多方共建消费增长新生态

Core Viewpoint - The consumption upgrade initiative, particularly the "old-for-new" program, has significantly boosted the consumer market, with sales reaching 1.1 trillion yuan by May 31, 2023, and is expected to further stimulate economic growth through policy support and market collaboration [1][3]. Group 1: Sales Impact - The "old-for-new" program is projected to drive sales of related products exceeding 1.3 trillion yuan in 2024, with 1.1 trillion yuan already achieved in the first five months of 2023 [3]. - The program has led to substantial consumer engagement, with 4.12 million applications for vehicle trade-ins and 49.86 million consumers purchasing 12 categories of home appliances [3][4]. - The fiscal support for the program has doubled to 300 billion yuan in 2023, enhancing its effectiveness [3]. Group 2: Policy and Economic Context - The expansion of the "old-for-new" policy includes a broader range of products, increasing from 8+N to 12+N categories in home appliances, and introducing subsidies for digital products [4]. - The shift in policy focus from investment to consumption is evident, as the government prioritizes domestic demand to counter external risks and drive economic growth [6][7]. - The expected export growth rate for 2024 is only 3.8%, indicating a need for stronger domestic consumption to support economic stability [6]. Group 3: Collaborative Efforts - E-commerce platforms are playing a crucial role in the implementation of the "old-for-new" program, offering additional subsidies and promotional activities to enhance consumer participation [10]. - Financial institutions, particularly banks, are actively supporting the initiative by providing tailored financial products and incentives to encourage consumer spending [10][11]. - The interaction between financial support and consumer spending is expected to strengthen, contributing to economic resilience and structural optimization [11].