对话张军：中国经济下一程，钱会更多投向这些领域

Core Viewpoint - The article emphasizes the shift in China's economic focus from "investment in physical capital" to "investment in human capital" as a response to the changing economic landscape and the need for improved social welfare and equity [1][3][5]. Group 1: Economic Development and Human Investment - Over the past four decades, China has achieved remarkable economic growth through substantial investments in physical infrastructure, leading to a comprehensive industrial system [1]. - The current economic stage necessitates a focus on "investment in people," which aims to enhance wages, employment, education, healthcare, housing, and pensions [1][3]. - The emphasis on human development reflects a recognition that economic growth alone is insufficient to address disparities in income and wealth among different social groups [5][6]. Group 2: Transition from Physical to Human Capital - Fixed asset investment in China has reached 50 trillion yuan, indicating that the previous model of heavy investment in physical capital is experiencing diminishing returns [6][8]. - As the growth rate of fixed asset investment declines, there is a clear shift towards allocating resources to improve human conditions, which is seen as a long-term investment in human capital [8]. - The balance between material capital accumulation and human capital development is crucial, with the latter gaining priority as the economy matures and capital accumulation levels are already high [8].