二十届四中全会名词卡片：投资于物、投资于人

Core Viewpoint - The article emphasizes the importance of balancing investments in physical assets and human capital to drive economic growth and improve living standards in China, highlighting the need for a strategic focus on both areas to enhance domestic demand and supply dynamics [2][8]. Group 1: Investment in Physical Assets - Investment in physical assets has played a crucial role in China's rapid economic development, leading to effective accumulation of physical capital, enhanced production capacity, and improved social productivity [6]. - Such investments are a significant component of total demand, driving economic growth, creating jobs, and increasing residents' wealth and consumption capacity [6]. - Recent investments in food reserves, energy bases, emergency supplies, and industrial backups have strengthened China's economic resilience and risk management capabilities [6]. Group 2: Potential for Further Investment in Physical Assets - There remains substantial potential for further investment in physical assets in China, as per capita capital stock is still relatively low compared to developed countries [7]. - The capital stock structure requires optimization, with some key industries facing insufficient investment and quality issues, necessitating upgrades to outdated machinery, infrastructure, and urban areas [7]. Group 3: Importance of Investment in Human Capital - The urgency of investing in human capital has become increasingly apparent, as the return on investment in physical assets has declined in recent years [8]. - To transition from a capital-intensive to a talent-intensive economy, it is essential to enhance investments in human capital, fostering human capital accumulation and creating a "human capital dividend" [8]. - Increased investment in education, healthcare, and elderly care is vital for improving living standards and achieving high-quality development for the population [8]. Group 4: Key Directions for Investment in Human Capital - Improving income distribution systems and ensuring fair compensation based on contributions is essential for promoting productivity [9]. - Advancing equal access to basic public services and reducing disparities between regions and demographics is a priority [9]. - Increasing government investment in areas such as childcare, education, healthcare, vocational training, and cultural sports is necessary to cover the entire population and lifecycle [9]. - Strengthening human resource development and investing in high-skilled talent, particularly in technology and innovation, is crucial for supporting high-quality development [9]. Group 5: Establishing Long-term Mechanisms for Human Capital Investment - Establishing a long-term mechanism for human capital investment involves optimizing fiscal responsibilities and resource allocation, enhancing local government assessment and incentive systems [10]. - It is important to stimulate the active participation of various stakeholders in investing in human capital and to include such investments in statistical accounting [10].