投资于物和投资于人并举 扩大内需战略新部署意味着什么丨四中全会解读

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes the construction of a strong domestic market and the acceleration of a new development pattern, focusing on expanding domestic demand and enhancing the interaction between consumption and investment [1][3]. Group 1: Strong Domestic Market - The market is identified as a scarce resource, with China's large-scale market being a significant advantage, showcasing resilience amid complex external environments. From 2021 to 2024, domestic demand is expected to contribute an average of 86.8% to economic growth [3]. - The emphasis on expanding domestic demand is seen as a strategic foundation for establishing a new development pattern that prioritizes domestic circulation while promoting international circulation [3]. - The document highlights the importance of the domestic market, which covers over 1.4 billion people, aiming to enhance China's role as a significant consumer market globally [3]. Group 2: Investment in Goods and People - The 2025 Government Work Report calls for more resources to be invested in human capital and public services, supporting employment, income growth, and consumption incentives to create a virtuous cycle of economic development and improved livelihoods [5]. - The combination of investment in goods and people is emphasized as essential, with a focus on not only tangible assets but also on human capital to meet the demands of the new industrial and technological revolution [5][6]. - Investment in human capital is increasingly recognized as crucial for economic growth, with a broad definition that includes healthcare, sports, talent development, and social security, indicating a need for more policies in this area over the next five years [6].