延伸阅读 一、长期以来投资于物对我国经济持续快速发展发挥了重要作用。 三、"十五五"乃至更长时期投资于人的重要性和紧迫性日益凸显。 我国经济长期依靠要素驱动、投资拉动，投资于物回报率近年来已经有所下降。在全球产业竞争已 从"资本密集"转向"人才密集"大趋势下，要推动我国经济增长动力机制转换，实现创新驱动、需求拉 动，亟须加大对人的投资，推动人力资本积累，形成"人力资本红利"。只有这样，才能构筑经济长期发 展竞争力，才能在新一轮科技革命和产业变革中赢得战略主动。此外，相较于物质资本投入而言，我国 一直以来对民生和人的全面发展相关领域投入不足，加大对教育、医疗、养老等的投资，是保障和改善 民生、实现高品质生活、推动全体人民共同富裕的必要之举，也是推动人口高质量发展、人的全面发展 的战略举措。 四、要在投资于人的重点方向持续用力。 一是完善收入分配制度，健全各类要素由市场评价贡献、按贡献决定报酬的初次分配机制，促进多劳者 多得、技高者多得、创新者多得。 二是稳步推进基本公共服务均等化，完善基本公共服务范围和内容，加快缩小区域间、城乡间、群体间 基本公共服务差距。 三是提高民生类政府投资比重，加大对生育养育、教育医疗 ...

对话人： 李 拯 本报评论员 田 轩 清华大学国家金融研究院院长 李拯：习近平总书记强调，"把人口高质量发展同人民高品质生活紧密结合起来，把'投资于物'同'投资 于人'紧密结合起来"。"十五五"规划建议提出，"坚持惠民生和促消费、投资于物和投资于人紧密结 合"。从投资角度来看，投资于人主要包括哪些方面，与投资于物有何不同？ 田轩：投资于人本质上是贯彻以人民为中心的发展思想，把资源更多投向人的全面发展，主要包括教育 投资、健康投资、社会保障与福利投资、就业创业支持投资等方面。 从"物"到"人"，主要变化体现在几点：从投资对象与价值形态看，投资于人以劳动者为对象，形成无形 的人力资本，价值衡量多元复杂；从回报周期看，投资于人是长期过程，回报相对滞后但持久稳定；从 社会效应看，人力资本具有自我增值和适应能力，投资于人具有广泛社会效应和正外部性，能够有效提 升经济社会发展的质量效益。 李拯：明确提出投资于物和投资于人紧密结合，这背后是发展思路和宏观经济治理的深刻调整，主要体 现在哪些方面？ 田轩：体现为三个方面的深刻调整。增长动力从要素驱动转向创新驱动，投资于物依赖物质要素投入， 投资于人则注重提升人力资源素质，更多 ...

Core Viewpoint - The article emphasizes the importance of achieving a moderate level of development for China by 2035, with a focus on enhancing GDP and fostering emerging industries to adapt to global economic changes [2][5][14]. Group 1: Economic Development Goals - The target is to exceed the threshold of $20,000 in per capita GDP by 2020 standards and to double the per capita GDP by 2035 compared to 2020 levels [2]. - Achieving a moderate level of development is seen as crucial for China's economic strategy moving forward [2]. Group 2: Emerging Industries - The "14th Five-Year Plan" aims to develop new pillar industries such as renewable energy, new materials, aerospace, and low-altitude economy [5]. - There is a call for a focus on key areas like quantum technology, biomanufacturing, hydrogen energy, and sixth-generation mobile communication to drive future industrial growth [6]. Group 3: Regional Innovation Systems - The establishment of regional innovation systems is essential, involving collaboration among government, enterprises, universities, and research institutions to enhance innovation capabilities [9]. - A tailored approach based on local resources and industrial foundations is recommended to prevent market bubbles and ensure sustainable development [6]. Group 4: Investment Strategies - Investment in physical assets (infrastructure, buildings, machinery) is crucial for solidifying the material and technical foundation for economic development [10]. - Investment in human capital (education, healthcare, skills training) is equally important for enhancing the capabilities and potential of the population [10]. Group 5: Digital Trade - Digital trade, characterized by data as a key production factor and digital services, is rapidly growing and is identified as a new trend in international trade and economic growth [12]. Group 6: Energy Strategy - Building an energy powerhouse is highlighted as a significant goal, with energy security being critical for national stability and development [13][14]. - The transition to green and low-carbon energy sources is emphasized as a timely and necessary step in the current global context [14].

l - 十周四峰 \ 名词卡片 "坚持扩大内需这个战略基点,坚持 惠民生和促消费、投资于物和投资于人紧 密结合,以新需求引领新供给,以新供给 创造新需求,促进消费和投资、供给和需 求良性互动,增强国内大循环内生动力和 可靠性。" "十五五"规划建议 释义 投资于物是指对实物资产进行投资,比如基础 设施、房屋建筑、机器设备等,可以为经济社会发 展夯实物质技术基础。 投资于人是指对全人群、全生命周期人的能力 提升和潜力开发的投入,比如育幼、养老、健康、 教育、技能培训等。 报《普的一十届加由令会/建议、学习辅导百向》 延伸阅读 一、长期以来投资于物对我国经济持续快速发展发挥了重要作用。 多年来，我国通过持续投资于物，实物资本得到有效积累，生产和供给能力不断增强，社会生产力水 平持续提高，有效推动了技术进步和产业发展，有力支撑了新型工业化、信息化、城镇化、农业现代化同 步发展。同时，对物的投资是总需求的重要组成部分，拉动了经济增长，创造了大量就业，带动了居民财 富积累和消费能力提升，并且与民生相关的"物"的投资还直接提高公共服务水平，保障和改善了民生。此 外，近年来对粮食储备、能源基地、应急物资、产业备份等的投资， ...

编辑丨张星 在近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中，国 家发展改革委主任郑栅洁发表题为《坚持扩大内需这个战略基点》的署名文章，详细分析了"十五五"时 期扩大内需面临的新形势新要求及扩大内需的各项决策部署。 郑栅洁表示，大力提振居民消费。立足当前，重点是优化环境、创新场景、减少限制。取消消费领域不 合理或"一刀切"限制措施。针对带薪休假"有假难休"的问题，完善落实机制等。着眼长远，重点是切实 增强居民消费能力，着力提高居民消费率。稳就业促增收是消费的前提和基础，要采取有力措施，提高 居民收入在国民收入分配中的比重。加大直达消费者的普惠政策力度，增加政府资金用于民生保障支 出。 郑栅洁表示，积极扩大有效投资。一是优化投资结构。充分激发民间投资活力，更好发挥政府投资带动 放大作用，加大对消费相关领域投资力度，推动投资消费良性循环。二是提高投资效益。着眼于解决部 分领域投资存在"重投入、轻效益"问题，完善交通、能源等领域价格形成机制，优化基础设施和教育等 公共服务设施布局。三是深化投融资体制改革。用好新型政策性金融工具，发挥好基础设施领域不动产 投资信托基金、政府和社会 ...

Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a strategic foundation during the "15th Five-Year Plan" period, focusing on enhancing consumer spending and effective investment to drive economic growth [1][5]. Group 1: Consumer Spending - The government aims to boost resident consumption by optimizing the environment, innovating consumption scenarios, and removing unreasonable restrictions in the consumption sector [1][2]. - Measures will be taken to enhance residents' income share in national income distribution, with a focus on increasing government funding for social welfare [1][6]. - The article highlights the need to address the challenges of paid leave and improve mechanisms to ensure its implementation [1]. Group 2: Effective Investment - The government plans to optimize investment structure by stimulating private investment and enhancing the role of government investment in driving consumption-related sectors [2][10]. - There is a focus on improving investment efficiency, particularly in transportation and energy sectors, to address issues of "heavy investment, light returns" [2][10]. - The article discusses the importance of deepening investment and financing system reforms, utilizing new policy financial tools, and enhancing public-private partnerships [2][10]. Group 3: Investment in People - The article stresses the significance of investing in human capital alongside physical assets, highlighting the need for investments in education, healthcare, and skills training [5][6]. - It points out that the return on investment in physical assets has been declining, necessitating a shift towards enhancing human capital to foster new productivity [6][8]. - The government is encouraged to prioritize public funding for comprehensive development across all demographics and life stages [8][12]. Group 4: Infrastructure and Major Projects - The "15th Five-Year Plan" will see the implementation of significant landmark projects in urban renewal, strategic transportation, and new energy systems [7][10]. - The government aims to maintain appropriate growth in infrastructure investment while ensuring it does not exceed necessary levels [7][10]. - Key projects will also focus on service consumption areas such as elderly care, healthcare, and cultural tourism to meet the evolving needs of the population [7][10]. Group 5: Policy Recommendations - The article suggests that local governments should shift from traditional competition models to optimizing human capital and creating a conducive environment for investment [8][14]. - It emphasizes the need for clear delineation between government and private investment roles to stimulate private sector participation [12][14]. - The article advocates for enhancing the investment environment for private enterprises, ensuring fair competition, and providing necessary support for risk management [14][15].

Group 1: Core Strategy on Domestic Demand - The article emphasizes the importance of expanding domestic demand as a strategic foundation during the 14th Five-Year Plan period, focusing on enhancing consumer spending and optimizing the consumption environment [1][4] - Key measures include removing unreasonable restrictions in the consumption sector and improving mechanisms for paid leave to address the issue of "difficulties in taking leave" [1][4] - The long-term goal is to increase residents' consumption capacity and raise the proportion of residents' income in national income distribution [1][4] Group 2: Investment Expansion - The article outlines the need to actively expand effective investment, optimizing the investment structure to stimulate private investment and enhance government investment's role [2][7] - It highlights the importance of improving investment efficiency and addressing issues of "heavy investment, light returns" in certain sectors [2][9] - The focus is on deepening investment and financing system reforms, utilizing new policy financial tools, and enhancing the role of public-private partnerships [2][9] Group 3: Investment in People and Infrastructure - The article discusses the integration of investment in physical assets and human capital, emphasizing the need for investment in education, healthcare, and skills training to enhance human capital [3][4] - It points out that while there is still significant potential for investment in physical assets, the urgency of investing in human capital is increasing due to declining returns on physical capital investments [4][6] - The article stresses the necessity of addressing the needs of a diverse population and improving the quality of life through targeted investments in services like elderly care and healthcare [4][5] Group 4: Government and Private Investment Dynamics - The article calls for a clear delineation between government and private investment roles, aiming to enhance the effectiveness of both [7][9] - It suggests that government investment should focus on public service shortfalls and strategic areas, while also stimulating private investment through improved market conditions [8][12] - The need for a supportive environment for private enterprises is highlighted, including fair competition and risk management assistance [11][12]

"十五五"乃至更长时期投资于人的重要性和紧迫性日益凸显。 投资于人是"十五五"期间投资的重要方向。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）提出，坚持惠民 生和促消费、投资于物和投资于人紧密结合。 近日出版发行的《党的二十届四中全会〈建议〉学习辅导百问》一书中，对"怎样理解投资于物和投资 于人紧密结合"作出了详细回答。 文中认为，《建议》提出，坚持投资于物和投资于人紧密结合。这是对我国投资理念、方向、重点的提 升和优化，对于增强发展动能、扩大国内需求、促进人的全面发展意义重大。 长期以来，投资于物对我国经济持续快速发展发挥了重要作用。投资于物是指对实物资产进行投资，比 如基础设施、房屋建筑、机器设备等，可以为经济社会发展夯实物质技术基础。我国经济长期依靠要素 驱动、投资拉动，投资于物回报率近年来已经有所下降。 投资于人则是指对全人群、全生命周期人的能力提升和潜力开发的投入，比如育幼、养老、健康、教 育、技能培训等。 日前在中共中央新闻发布会上，国家发改委主任郑栅洁指出，我国固定资产投资年度规模已达到50万亿 元，但惠民生、补短板、育动能等任务还很重，必须把"钱"特别是政府资 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of a strong domestic market as a strategic foundation for China's modernization, focusing on expanding domestic demand and enhancing the interaction between supply and demand to boost economic resilience [1][2]. Group 1: Consumer Demand - The plan prioritizes boosting consumption as a key task for building a strong domestic market, leveraging the potential of over 800 million middle-income individuals in China [2]. - Measures include increasing public service spending and implementing inclusive policies to enhance consumer capacity, with a focus on improving employment as a fundamental aspect [2][3]. - The strategy involves both demand-side and supply-side efforts to stimulate consumption, with an emphasis on creating a favorable consumption environment through institutional guarantees [3]. Group 2: Investment Focus - The concept of "investing in people" is highlighted as crucial for economic and social structural transformation, with a call for optimizing investment structures and enhancing investment efficiency [4][5]. - The plan suggests increasing investments in public services and human capital, particularly in education, healthcare, and emerging technologies, to support sustainable economic growth [4][5]. - Specific measures include improving government investment management and reforming investment approval processes to ensure effective allocation of resources [5]. Group 3: Market Barriers - The plan aims to eliminate various market barriers to facilitate the efficient aggregation of domestic and international resources, thereby unlocking China's market potential [6][7]. - Significant progress has been made in cleaning up regulations that hinder market unity, with a reduction in market access restrictions and policies obstructing resource flow [6][7]. - The establishment of a unified national market is seen as essential for enhancing market efficiency and promoting coordinated regional development [6][7].

Core Viewpoint - The current focus of China's economic development is to boost consumption, creating a model driven by domestic demand and endogenous growth, with "investment in people" being crucial for enhancing consumer capacity, confidence, and expectations [1][2]. Group 1: Investment in People - "Investment in people" is essential for addressing uncertainties and establishing new development advantages, serving as a foundation for stable economic growth over the next decade [4]. - Enhancing public services and social security through "investment in people" can fundamentally resolve issues of insufficient consumer willingness and weakened confidence, unlocking the consumption potential of over 1.4 billion people [4][5]. - The combination of "China manufacturing" and "China consumption" is vital for a strong domestic market, with high-quality development requiring both a modern industrial system and a service-oriented consumption system [4]. Group 2: Economic Projections - If China's final consumption reaches the same global share as its manufacturing, it could create an additional consumption market of no less than $10 trillion, positioning consumption as a key driver of economic growth over the next decade [5]. - In 2023, China's economic output accounted for approximately 17% of the global total, with projections indicating that by 2024, its share in global manufacturing will rise to 28% [4]. Group 3: Focus Areas for Investment - "Investment in people" should concentrate on key areas that enhance human capital and ensure social equity, particularly in sectors like education, healthcare, elderly care, and community development, which are closely linked to improving quality of life [6]. - Recommendations include reforming the fiscal system to prioritize effective investment in education, healthcare, and social security, while removing barriers to labor and talent mobility across regions and ownership types [6]. - The role of state-owned capital should be emphasized as a strategic leader and resource provider in "investment in people," facilitating broader societal benefits from capital appreciation [6].