人民是历史的创造者，是我们党最坚实的依托、最强大的底气。我们想问题、作决策、办事情，都要站 在人民的立场上。 党的十八大以来，以习近平同志为核心的党中央坚持不忘初心，站在人民立场上考虑问题，推动区域协 调发展，采取有力措施保障和改善民生，打赢脱贫攻坚战，全面建成小康社会，中国式现代化迈出新的 坚实步伐，第二个百年奋斗目标新征程实现良好开局。 党的二十届四中全会擘画了未来5年经济社会发展蓝图。在"十五五"规划建议中，从把"推动人的全面发 展、全体人民共同富裕迈出坚实步伐"列入指导思想，到把"丰富人才资源优势"列为我国"四大优势"之 一，再到作出"坚持惠民生和促消费、投资于物和投资于人紧密结合"的战略部署，人民是宗旨所系、价 值所向。 "西部留白太大了，将来也要补几笔"。3万多座在建和已建桥梁，将"地无三尺平"的贵州变成"高速平 原"；全长2712公里的沙漠铁路环线，让塔克拉玛干不再"与世隔绝"……一座座桥、一条条路，打通的 是物理阻隔，串联的是梦想通途。 现代化的本质是人的现代化。从注重"投资于人"到发挥"丰富人才资源优势"，既看国内生产总值 （GDP）又看国民总收入（GNI），既重视"中国经济"也重视"中国人 ...

人民是历史的创造者，是我们党最坚实的依托、最强大的底气。我们想问题、作决策、办事情，都要站 在人民的立场上。 党的十八大以来，以习近平同志为核心的党中央坚持不忘初心，站在人民立场上考虑问题，推动区域协 调发展，采取有力措施保障和改善民生，打赢脱贫攻坚战，全面建成小康社会，中国式现代化迈出新的 坚实步伐，第二个百年奋斗目标新征程实现良好开局。 党的二十届四中全会擘画了未来5年经济社会发展蓝图。在"十五五"规划建议中，从把"推动人的全面发 展、全体人民共同富裕迈出坚实步伐"列入指导思想，到把"丰富人才资源优势"列为我国"四大优势"之 一，再到作出"坚持惠民生和促消费、投资于物和投资于人紧密结合"的战略部署，人民是宗旨所系、价 值所向。 现代化的本质是人的现代化。从注重"投资于人"到发挥"丰富人才资源优势"，既看国内生产总值 （GDP）又看国民总收入（GNI），既重视"中国经济"也重视"中国人经济"，在更高层面认识、把握和 激发人的价值、人的作用、人的活力、人的潜能，中国经济的内生动力将更为强劲，中国式现代化前景 无限。 人的期盼在哪里，发展就指向哪里。 "西部留白太大了，将来也要补几笔"。3万多座在建和已建桥梁， ...

Core Viewpoint - "Investment in people" is a crucial aspect of China's development strategy, emphasizing the allocation of resources towards education, healthcare, and social welfare to enhance human capital and drive high-quality economic growth [1][3][11]. Summary by Sections Investment in People vs. Investment in Material - "Investment in people" refers to directing more fiscal resources towards areas that enhance individual capabilities and welfare, contrasting with "investment in material," which focuses on physical assets and infrastructure [1][2]. - The return on "investment in material" has significantly decreased from 2008 to 2023, indicating a need for a shift towards human-centered investments [2][3]. Economic Growth and Domestic Demand - China's domestic consumption accounts for approximately 39% of GDP, while capital formation is around 41%, highlighting a need for improved interaction between consumption and investment [4][5]. - "Investment in people" aims to address the mismatch in domestic supply and demand, enhancing the quality of life and driving economic growth [5][6]. Areas of Focus for Investment in People - Key areas for "investment in people" include education, healthcare, cultural services, and environmental improvements, which are essential for enhancing overall human development [7][8]. - The shift towards "investment in people" also encompasses the need for a modern industrial system and technological self-reliance to support high-quality development [8][11]. Measuring Investment Effectiveness - Unlike "investment in material," which has clear metrics for evaluation, the effectiveness of "investment in people" requires a broader, more qualitative assessment that considers social and economic dimensions [9][10]. - A comprehensive evaluation framework is necessary to assess the long-term impacts of "investment in people" on societal development [10][12]. Unique Characteristics of China's Investment in People - China's approach to "investment in people" transcends mere welfare considerations, focusing on enhancing human capabilities and addressing systemic issues in various sectors [11][12]. - The emphasis on human-centered development reflects a commitment to improving both material and spiritual well-being, distinguishing China's strategy from other countries [12][13]. Long-term Considerations and Implementation - "Investment in people" should be integrated into the broader context of China's modernization efforts, addressing both immediate challenges and long-term goals [14][15]. - Effective implementation requires a balance between market forces and government intervention to foster a conducive environment for human development [16].

Core Viewpoint - The article emphasizes the strategic shift in China's economic policy towards "investing in people," which aims to enhance the quality of life and stimulate domestic consumption through various social welfare initiatives [1][6]. Summary by Sections Social Welfare Investments - In 2025, China will increase investments in core social security areas such as pensions and medical insurance, with a 2% increase in basic pensions for retirees, marking the 21st consecutive year of pension increases [2]. - The per capita financial subsidy for urban and rural residents' medical insurance will rise by 30 yuan, reaching 700 yuan per person annually, alleviating the burden of medical expenses [2]. Fiscal Policy and Management - The fiscal policy for 2025 includes a historic increase in the general public budget deficit ratio to 4%, up by 1 percentage point from the previous year, and the issuance of 1.3 trillion yuan in special long-term bonds to support social welfare [2][3]. - Expenditures on social security, employment, education, and health have outpaced overall budget growth, with social security and employment spending increasing by 9.3% year-on-year [2]. Consumer Confidence and Spending - The "investment in people" strategy is expected to boost consumer confidence, with a consumer willingness index rising to 112.9, the highest in five quarters [5]. - The elderly care and childcare policies are designed to reduce household financial burdens, encouraging increased consumer spending [4]. Economic Growth and Structural Changes - The article highlights a shift from traditional social safety nets to strategic investments in human capital, indicating that future competition will focus on population quality and labor capabilities [3][6]. - The integration of "investment in material" and "investment in people" is anticipated to enhance domestic circulation and foster new growth drivers [7]. Future Outlook - Experts predict that the "investment in people" approach will enter a new phase in 2026, focusing on support for vulnerable groups and improving the social security system [6]. - Recommendations include building a robust guarantee system to reduce household risk exposure and creating a lifecycle policy framework for social welfare [6].

综合整治"内巷式"竞争 规范地方政府和企业行为 OK 海日報 ECONOMIC DAILY 2025年 中国经济热词 智能 今年是中国式现代化进程中具有重要意义的一年，我国经济运行总体平稳、稳中有进，新质生产力稳步发展，改革开放迈出新步伐，重点领域风险化解取 得积极进展，民生保障更加有力，社会大局保持稳定。回眸2025年，一起来盘点中国经济热词↓ 继"互联网+"之后,我国对数字经济进行又 一次战略部署。今年8月，国务院印发《关于 深入实施"人工智能+"行动的意见》，以六 大行动八大支撑赋能新质生产力发展, 为人工 智能发展按下"加速键" 人工智能领域 要占领先机、赢得优势 促进民营经济健康发展、 高质量发展 0 14 濟 取 2025年 中国经济热词 IF 2 5 IFF 上開封天 66 0.99 深日報 CONOMIC DAILY 2025年 中国经济热词 . "印尼 66 今年以来，"国补"资金按计划陆续下达、 个人消费贷款迎来财政贴息 …… 一系列真金 白银的政策加力提振消费，让消费者得到更 多实惠、市场获得更强动能 惠民生、促消费、增后劲 OF 海 海 取 2025年 0 中国经济热词 s经济促进法 ...

● 本报记者 赵白执南 今年以来，积极财政政策持续发力，政策效应不断释放。中共中央政治局12月8日召开会议提出，明年 经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币政策。 专家表示，下一步，财政政策将延续积极取向，在提振消费方面，除综合运用财政补贴、贷款贴息等政 策工具外，还将着力"投资于人"，把更多资金资源用于服务民生，针对公共服务的短板弱项精准施策， 激发消费动能。 "当前，中国经济正处于迈向高质量发展的蓄势攻坚期，更需发挥财政作为国家治理的基础和重要支柱 作用，持续发力、适时加力，坚持在发展中破解难题，以积极财政夯实经济平稳运行'压舱石'。"中诚 信国际研究院院长袁海霞说。（下转A02版） （上接A01版）明年继续实施更加积极的财政政策成为共识。专家预期，明年赤字规模有望保持在4% 左右，特别国债、地方政府专项债券规模有望适度增加。 申万宏源证券首席经济学家赵伟表示，在总量上，财政或将保证广义财政支出增速持平或略高于名义经 济增长速度。在结构上，财政或加大对新经济的投入，更多呵护民生以及培育居民消费动能；财政资金 或进一步向社会保障、"一老一小"等民生领域倾斜。 今年以来， ...

内需对经济总体回升向好发挥了"助推器"作用。数据显示，2013年—2024年，内需对经济增长平均贡献 率达到93.1%。尽管内需作用突出，但当前经济运行中，内需不足的局面尚未完全扭转。中国人民大学 国家发展与战略研究院副院长刘晓光分析，当前内需动能不足的问题仍然比较明显，其中核心矛盾在于 供给侧高端化与需求侧走弱之间的错配，尽管国内大循环已经确立，但内生增长机制还不牢固。 "宏观上，我们已经确立了内需主导的大方向和基本盘，但内生增长机制尚不牢固。"刘晓光认为，基于 此，"十五五"时期治理的关键，在于推动结构优化的同时有效地恢复信心，构建更具可持续的内需扩张 机制来化解这一矛盾。 本次会议提出要"持续扩大内需、优化供给"，值得关注的是，近期政策层面已呈现出"扩大内需"与"优 质供给"深度结合的鲜明导向。国家发展改革委主任郑栅洁在《坚持扩大内需这个战略基点》署名文章 中明确提出，要以内需的稳定发展对冲外需的不确定性，以新供给创造新需求。 中共中央政治局12月8日召开会议，分析研究2026年经济工作。在此次会议部署的八项"坚持"中，"坚持 内需主导，建设强大国内市场"位居首位，凸显其在经济发展全局中的重要地位。 此 ...

Group 1: Investment in Physical Capital - China's capital stock reached approximately $93 trillion in 2024, accounting for about 503% of GDP[29] - The average growth rate of capital stock from 1961 to 1993 was about 5.2%, while from 1994 to 2016 it was approximately 10.8%, and is projected to decline to 5.8% by 2024[29] - In 2024, the total capital formation in China is estimated to be around 54.8 trillion yuan, contributing approximately 25.2% to GDP growth[2] Group 2: Investment in Human Capital - Investment in human capital focuses on enhancing capabilities across the entire population, including education, healthcare, and skills training[47] - The proportion of public spending on social welfare in China was 53.7% in 2023, compared to 60%-70% in developed countries, indicating significant room for improvement[6] - The government aims to increase the share of public investment in social welfare during the "14th Five-Year Plan" period, particularly in areas like education and healthcare[44] Group 3: Economic and Social Development - The urbanization rate in China is expected to reach 70% within five years, with a projected rate of about 67% in 2024, driving infrastructure and public service improvements[42] - The report emphasizes the need for a balanced approach between investment in physical and human capital to foster sustainable economic growth[1] - The government plans to enhance public services in nine key areas, including education, healthcare, and social security, to ensure equitable access for all citizens[52]

摘要 2025年12月，第一财经研究院发布的"第一财经首席经济学家信心指数"为50，稍低于上月，持平于50荣 枯线。经济学家们认为，当前我国经济处于弱复苏状态，未来宏观政策将延续宽松基调，为"十五五"开 局奠定坚实的基础。 毕马威蔡伟认为，总的来看，在稳增长政策发力、外部不确定性缓和的带动下，当前整体经 济处于弱复苏通道。 经济学家们预计11月物价数据将较上月公布数据继续回升，CPI同比预测均值为0.72%，PPI同比预测均 值为-2.05%，他们对固定资产投资累计增速的预测均值为-2.1%，社会消费品零售总额同比增速预测均 值为3.09%，工业增加值同比增速预测均值为5.0%。同时，刚刚公布的进出口数据显示，11月进出口同 比数据均高于上月，贸易顺差上升至1116.8亿美元，符合经济学家们的预期。 兴业银行鲁政委认为，"双11"购物节的提振，叠加餐饮回暖趋势延续，11月社会消费品零售 同比有望回升。 经济学家们预计11月金融数据将较上月有所回升，新增贷款的预测均值为6791亿元、社会融资总量的预 测均值为2.32万亿元，M2同比增速预测均值为8.29%，他们认为11月LPR利率和存准水平调整的可能性 较小。 ...

第一，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。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。从一般发展规律 看，投资于物往往是一国在发展前期首先要着力做的。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，增强了我国经济抗风险能力和发展韧性。 来源：新华网 同时要看到，我国人均资本存量水平相较于发达国家还比较低，存量资本结构还有待进一步优化提升， 一些重要产业领域投资不足、投资质量有待提升，一些关键核心技术受制于人，不少存量机器设备、基 础设施、老旧小区、城区等有待更新升级，新一轮科技革命和产业变革也推动大量新的投资需求快速涌 现，我国投资于物仍有很大空间潜 ...