2025.12.18 本文字数：1646，阅读时长大约3分钟 作者 |一财评论员 中央财办有关负责同志近期就深入解读中央经济工作会议精神接受了媒体采访，其中特别强调，要把投 资于物和投资于人紧密结合。 投资于物和投资于人是促进投资的两个方面，二者相辅相成，互相促进，不可割裂。 党的二十届四中全会审议通过的《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》 （下称"'十五五'规划建议"）明确提出，坚持惠民生和促消费、投资于物和投资于人紧密结合；日前召 开的中央经济工作会议再次明确，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对外部 挑战。 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，这些投资可以为经济社会 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。 当前我国投资增速放缓说明基建等领域投资已经相对饱和，而投资于人则是一片广阔的蓝海。专家认 为，投资于人不仅是一项经济政策，更是一项关乎民生的重大决策，意味着国家在投资政策方面要积极 做到投资于物和投资于人的综合平衡，具有深远意义。 决策已经 ...

2025.12. 18 本文字数：1646，阅读时长大约3分钟 中央财办有关负责同志近期就深入解读中央经济工作会议精神接受了媒体采访，其中特别强调，要把 投资于物和投资于人紧密结合。 投资于物和投资于人是促进投资的两个方面，二者相辅相成，互相促进，不可割裂。 党的二十届四中全会审议通过的《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》 （下称"'十五五'规划建议"）明确提出，坚持惠民生和促消费、投资于物和投资于人紧密结合；日前 召开的中央经济工作会议再次明确，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对 外部挑战。 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，这些投资可以为经济社 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。 当前我国投资增速放缓说明基建等领域投资已经相对饱和，而投资于人则是一片广阔的蓝海。专家认 为，投资于人不仅是一项经济政策，更是一项关乎民生的重大决策，意味着国家在投资政策方面要积 极做到投资于物和投资于人的综合平衡，具有深远意义。 决策已经作出，下面要关注的 ...

Core Viewpoint - The article emphasizes the importance of integrating and serving the national unified market as a strategic measure for promoting high-quality development in Henan Province, aligning with the central government's directives to strengthen domestic circulation and facilitate international exchanges [2][20]. Group 1: Implementation of National Unified Market - Henan has established a comprehensive implementation plan with 150 annual tasks and 10 key initiatives to enhance connectivity and remove barriers in the national unified market [2][20]. - The province has held conferences to promote the integration and service of the national unified market, focusing on the "Five Unifications and One Opening" principle [2][20]. Group 2: Market Regulation and Fair Competition - The province has introduced measures to ensure market unity, fairness, and openness, including the establishment of a fair competition review system and the resolution of 426 cases of unfair competition [3][4]. - A special action to clear market access barriers has streamlined the process for business relocations, reducing the time for enterprise migration to six working days [3][4]. Group 3: Optimizing Business Environment - Henan has revised its business environment regulations and implemented actions to enhance the efficiency of administrative processes, achieving an 81.5% reduction in processing time for various business-related tasks [5][21]. - The province has conducted extensive outreach to businesses, visiting nearly 80,000 companies and resolving over 12,000 issues [5][21]. Group 4: Infrastructure and Logistics Development - The province is advancing the construction of a modern transportation system, with high-speed rail and highway projects contributing to a total of 2,263 kilometers of high-speed rail and over 10,000 kilometers of highways [6][22]. - Henan has also focused on enhancing its logistics capabilities, achieving a 20.2% increase in port throughput, totaling 60.68 million tons in the first eleven months [6][22]. Group 5: Economic Growth and Investment - The province has seen a 4.3% increase in fixed asset investment, with key industrial sectors experiencing a 14.9% growth in investment [7][21]. - The number of newly established foreign-funded enterprises increased by 8.3% in the first three quarters, reflecting a positive trend in foreign investment [5][21]. Group 6: International Trade and Connectivity - Henan has expanded its international logistics capabilities, with 68 international freight routes established, connecting to 32 countries, and a 24.6% increase in cargo throughput at Zhengzhou Airport [9][22]. - The province's total import and export value reached 840.24 billion yuan, growing by 13.5% year-on-year, ranking it 10th in the country [9][22].

要进一步强化政策支持，在往哪里投、谁来投、如何保障等方面做足功课。 中央财办有关负责同志近期就深入解读中央经济工作会议精神接受了媒体采访，其中特别强调，要把投 资于物和投资于人紧密结合。 投资于物和投资于人是促进投资的两个方面，二者相辅相成，互相促进，不可割裂。 党的二十届四中全会审议通过的《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》 （下称"'十五五'规划建议"）明确提出，坚持惠民生和促消费、投资于物和投资于人紧密结合；日前召 开的中央经济工作会议再次明确，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对外部 挑战。 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，这些投资可以为经济社会 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。 当前我国投资增速放缓说明基建等领域投资已经相对饱和，而投资于人则是一片广阔的蓝海。专家认 为，投资于人不仅是一项经济政策，更是一项关乎民生的重大决策，意味着国家在投资政策方面要积极 做到投资于物和投资于人的综合平衡，具有深远意义。 决策已经作出，下面要关 ...

12月10—11日，北京开了一个超重要的会——中央经济工作会议。这是我国每年规格最高的经济"吹风会"， 总结当年、研判形势、部署来年，基本定调下一年的经济政策走向。 今年的会议尤其关键。这是"十四五"收官、"十五五"开局的关键时刻。这场会议定的调子，不仅会影响2026 年，甚至会影响未来五年的经济走向。面对现在世界大变局、外部环境乱糟糟的情况，会议定的调子也是最 权威的"解题思路"，最终会关系到每个人的投资收益、工作机会、福利多寡、学业规划和日常生活。 收官又开局：今年经济不容易，问题也很实在 会议给2025年的经济工作贴了个标签——"很不凡"，这话可真没夸张！内外环境错综复杂，美国发动关税 战、贸易战，地缘冲突加剧，全球化寒冬降临，好在咱们出台了一系列给力的宏观政策，今年的经济社会发 展主要目标能圆满完成，给"十四五"画上圆满句号打下了坚实基础。 当然，会议也没有回避问题：我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强 需弱矛盾突出，重点领域风险隐患较多。 这里有个小变化要注意：这次会议表述的关键是"国内供强需弱矛盾突出"，而去年强调的是"国内需求不 足"。 钱袋子怎么发力？财政和货币 ...

Group 1 - The central economic work conference emphasizes the need to stabilize investment and expand domestic demand as a priority for the upcoming year, with a focus on combining "investment in people" and "investment in things" to unlock significant potential [1][6] - The government plans to increase the scale of central budget investments and optimize the management of local government special bonds to stimulate private investment [1][6] - The upcoming year marks the beginning of the "15th Five-Year Plan," which will accelerate the launch of various strategic emerging industries and future industry projects, supported by ample financial tools and special bond reserves [1][6] Group 2 - In November, the social financing scale increased by 24,885 billion yuan, exceeding market expectations, with a notable contribution from non-standard financing and corporate bond financing rather than traditional credit demand [2][3] - The contribution of credit to social financing decreased in November, with new RMB loans amounting to 4,053 billion yuan, reflecting insufficient effective demand in the macroeconomic environment [2][3] - Corporate loans in November totaled 6,100 billion yuan, primarily driven by an increase in bill financing, indicating a shift in financing sources as companies focus on settling accounts near year-end [3] Group 3 - Non-standard financing saw a year-on-year increase of 1,328 billion yuan in November, while corporate bond financing rose by 1,788 billion yuan, highlighting the importance of off-balance-sheet financing in the current economic context [3][4] - The M1 growth rate declined due to a high base effect, while M2 growth also decreased, influenced by the reduction in credit and its impact on derived deposits [4] - The central economic work conference has shifted its focus from social financing and M2 to economic growth and price recovery, indicating a change in policy priorities [4] Group 4 - In November, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, with a cumulative growth of 6.0% from January to November, reflecting a strong performance in the supply side of the economy [5][6] - Fixed asset investment from January to November showed a year-on-year decline of 2.6%, with significant growth in equipment purchases indicating a trend towards modernization and digitalization in industrial production [5][6] - The government is expected to implement policies supporting large-scale equipment updates in 2024, with additional funding of approximately 150 billion yuan allocated for this purpose [6] Group 5 - In November, the total retail sales of consumer goods reached 43,898 billion yuan, growing by 1.3% year-on-year, although this represented a decline compared to October [7] - The central economic work conference has proposed actions to boost consumption, including plans to increase urban and rural residents' income and optimize the supply of quality goods and services [7] - The resilience of foreign trade has contributed to stable economic growth, but challenges remain for the upcoming year, necessitating measures to maintain exchange rate stability and support exports [7]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the integration of investments in both material and human resources, highlighting the importance of investing in people for high-quality development [1][2]. Group 1: Investment in People - Investment in people is essential for high-quality development, reflecting the unity of development goals and methods [2]. - The plan aims to transform the demographic advantage into a talent resource advantage necessary for high-quality development [2][4]. - The focus of investment is on meeting the people's aspirations for a better life, addressing various dimensions of social needs [4]. Group 2: Implementation Framework - The "15th Five-Year Plan" outlines a multi-dimensional and full-cycle implementation framework for investing in people [5]. - Investments must target the enhancement of human capital quality to adapt to profound industrial changes, emphasizing the need for high-quality talent and innovative workers [6]. - The plan stresses the cultivation of various types of talent, including strategic scientists and skilled workers, aligning individual growth with national strategic needs [6][7]. Group 3: Lifelong Investment - Investment in people should span the entire life cycle, focusing on equitable and inclusive principles [8]. - The plan aims to reduce the costs of childbirth, upbringing, and education, alleviating family pressures and ensuring fair opportunities for all [8]. - It also addresses urban-rural disparities in public services and development opportunities, promoting a friendly society for the elderly [8]. Group 4: Cultural and Spiritual Investment - Investment in people includes nurturing the spiritual dimension, aiming for a balance between material wealth and spiritual richness [9]. - The plan seeks to enrich public cultural services and promote core socialist values, fostering a positive and harmonious social atmosphere [9]. - This investment is seen as crucial for the comprehensive development of individuals and society, contributing to national rejuvenation [9].

格隆汇12月16日｜国务院发展研究中心原党组书记马建堂表示，二十届四中全会《建议》中，"以人为 本"的理念极为突出，特别是突出强调"十五五"要把投资于物和投资于人更加紧密结合起来。《建议》 多方面部署了人民共同富裕的相关任务。缩小收入分配差距，要牢牢记住在高质量发展中扎实推进共同 富裕，正确处理生产与分配关系，要牢牢把握在社会主义市场经济中推动共同富裕，处理好效率与公平 的关系，效率仍然需要优先，在此基础上更加关注公平，要牢牢处理"调高"与"托低"的关系，把民生工 作"投资于人"的着力点更加放在低收入群体、困难群体。 ...

Group 1 - The core viewpoint of the articles emphasizes the effectiveness of proactive fiscal policies in supporting major national strategies, expanding domestic demand, stabilizing growth, and improving people's livelihoods in 2025 and the continuation of these policies into 2026 [1][2][3]. Group 2 - In 2025, significant fiscal measures included the allocation of 800 billion yuan in special bonds to support major projects, which involved 1,459 projects in key areas such as ecological restoration and transportation infrastructure [2]. - The consumer goods replacement policy led to a 26.5% increase in sales revenue for home appliances and a 20.3% increase for communication retail in the first eleven months of 2025 [2]. - The fiscal spending since the 14th Five-Year Plan has directed over 70% towards improving people's livelihoods, indicating a strong focus on social welfare [2]. Group 3 - The fiscal policy has played a crucial role in boosting consumption and expanding investment, contributing to the achievement of economic and social development goals [3]. - Investment in human capital through subsidies for childcare and education is seen as essential for high-quality development and improving residents' living standards [3]. Group 4 - The government plans to optimize expenditure structures and enhance financial support for major national strategies, focusing on investments in human capital and expanding domestic demand [4]. - The Ministry of Finance has outlined strategies to promote income growth and optimize income distribution to stimulate consumption [4]. Group 5 - Experts suggest that policies aimed at expanding domestic demand, such as the consumer goods replacement policy, may need optimization to avoid diminishing returns [5]. - There is potential for expanding the subsidy range to include new consumption-related products, such as AI products and electric vehicle charging stations [6]. Group 6 - The government aims to leverage various types of government bond funds to support major projects and enhance the effectiveness of fiscal policies [7]. - Optimizing project reserves and expanding the fiscal "toolbox" are seen as ways to improve the effectiveness of investment policies [8].

Core Viewpoint - The article emphasizes the effectiveness of proactive fiscal policies in 2025, which have supported major national strategies, expanded domestic demand, stabilized growth, and improved people's livelihoods. It anticipates continued expansionary fiscal policies in 2026, focusing on both material and human investments [1][2]. Group 1: Fiscal Policy Effectiveness - In 2025, proactive fiscal policies significantly supported major national strategies, with 800 billion yuan allocated for "two重" construction and 1,880 billion yuan for equipment upgrades, leading to a 10.7% year-on-year increase in machinery and equipment purchases from January to November [1]. - Increased spending in the livelihood sector was noted, with sales in supported retail sectors growing by 26.5% and 20.3% year-on-year, respectively, from January to November [1]. - Over 70% of national fiscal spending since the start of the "14th Five-Year Plan" has been directed towards improving people's livelihoods, according to the Minister of Finance [1]. Group 2: Investment in People and Material - Fiscal policies in 2025 met expectations in material investments, while policies aimed at human investments, such as childcare subsidies and free preschool education, contributed to high-quality population development [2]. - The combination of material and human investments is seen as essential for high-quality development and improving residents' living standards, creating a virtuous cycle of new demand and supply [2]. Group 3: Future Policy Directions - The Ministry of Finance plans to optimize spending structures and enhance financial support for major national strategies, focusing on increasing funding for human investments and expanding domestic demand [3][4]. - Policies supporting "two重" and "two新" will continue, with an emphasis on utilizing government bond funds and increasing central budget investments to stabilize and boost investment [5]. - Experts suggest that optimizing project reserves and expanding the fiscal "toolbox" will enhance the effectiveness of material investment policies [5][6].