“投资于人”释放内需潜力

Core Viewpoint - China is accelerating its transformation and upgrading process, focusing on high-quality development and implementing a strategy to expand domestic demand, as emphasized in the 20th Central Committee's Fourth Plenary Session and the government's work report [1][2]. Group 1: Investment in People - The concept of "investment in people" differs fundamentally from Western human capital theories, emphasizing a people-centered development approach that aims for comprehensive human development and social equity [2]. - The shift towards "investment in people" is essential for stimulating economic circulation, addressing the underlying issues of insufficient effective demand due to concerns over employment, housing, education, healthcare, and social security [2][3]. Group 2: Consumption and Public Services - China's consumption structure is transitioning from goods-focused to a balance of goods and services, indicating significant potential for domestic demand growth [3]. - Key areas for investment include childcare support and elderly care services, which can alleviate family financial burdens and stimulate related consumption, thus linking social welfare with consumption promotion [3][4]. - Enhancing public services and equalizing access can unlock consumption potential in urban and rural areas, particularly through increased investment in housing, education, and healthcare for migrant populations [3]. Group 3: Policy Coordination - A systematic approach is required to promote consumption and expand domestic demand, necessitating coordinated policies that prioritize public welfare and optimize fiscal spending [4]. - Financial support should be directed towards consumption infrastructure and services that directly benefit residents, ensuring a positive interaction between "investment in people" and "investment in things" [4]. - A sustainable and systematic view is essential to ensure that investments yield tangible benefits for people's livelihoods and stimulate consumption, creating a virtuous cycle of economic growth and improved public welfare [4].