投资于人：经济高质量发展的新引擎

Core Viewpoint - The Chinese government emphasizes the integration of "investment in people" and "investment in material" as a strategic choice to enhance economic growth and optimize financial resource allocation, particularly during the transition to high-quality development [1][2][3]. Investment in People - "Investment in people" is not merely a social welfare issue but a core strategy to transform human capital into sustainable capital assets through education, skills training, and social security, ultimately improving economic growth quality and social welfare [2][3]. - The potential for human capital accumulation in China is significant, with only 7% of the workforce being high-skilled, indicating a structural contradiction that highlights the strategic value of "investment in people" [4]. Economic Perspective - In the context of China's low consumer spending compared to international levels, "investment in people" serves as a strategic pivot to address the imbalance between high investment and low consumption [5]. - The consumer rate in China is 18 percentage points lower than the average of G20 countries, indicating a need for enhanced consumer capacity and willingness through "investment in people" [5]. Challenges in Implementation - The implementation of "investment in people" faces challenges, including the need for substantial funding estimated between 80 trillion to 100 trillion yuan, and the long return cycle of such investments [10]. - Structural reforms are necessary to support "investment in people," including changes in social security and labor mobility systems to fully realize the value of human capital [10][11]. Policy Recommendations - A systematic approach is required to integrate "investment in people" with "investment in material," ensuring that material investments ultimately serve human development [12][13]. - Policies should focus on enhancing human capital accumulation, particularly in rural and underdeveloped areas, and financial institutions should adopt a long-term perspective to support investments in human capital [13][14].