高培勇：“投资于人”并非单纯政策调整 而是深刻社会变革

Core Viewpoint - The 2025 Annual Meeting of the China Wealth Management 50 Forum emphasizes the theme of "Moving Towards a Financially Strong Nation" and highlights the need for a profound social transformation that integrates "investment in people" with "investment in material" [1][7]. Group 1: Challenges of "Investment in People" - The core challenges of "investment in people" include the need to optimize government spending structure, where social welfare and public service spending should increase while economic construction spending should decrease, facilitating a transformation in overall consumption and investment structure [3][9]. - There is a necessity to move away from the "dual" economic system in government spending, as current fiscal coverage is not comprehensive and disparities in treatment remain, requiring proactive adjustments rather than waiting for natural evolution through economic development [3][9]. - Current basic public services face three major issues: selective coverage, unequal treatment, and insufficient funding, which will be exacerbated under the "investment in people" framework, necessitating solutions to enhance equity and accessibility [3][10]. - The Central Economic Work Conference emphasizes the need for simultaneous policy support and reform innovation, indicating a shift in macroeconomic governance that requires effective coordination between policy adjustments and reform initiatives [4][10]. Group 2: Proposed Institutional Reforms - Five key areas for institutional reform are proposed: 1. Restructuring the fiscal and tax operation framework to adjust revenue and expenditure, reducing economic construction spending while increasing social welfare and public service spending [5][11]. 2. Maintaining a dual approach of policy support and reform innovation to boost consumption, focusing on both releasing current consumption potential and enhancing consumer capacity through reforms [6][11]. 3. Optimizing the allocation of basic public services to address current shortcomings in coverage, treatment, and funding, aiming for greater equity and accessibility [6][11]. 4. Establishing a modern social security system and transfer payment system to convert funds into disposable income for residents, aiming to eliminate disparities and enhance living standards [6][11]. 5. Upgrading the macroeconomic governance system to incorporate expectation management into economic analysis, ensuring a unified approach to supply-demand management and policy objectives [6][12].