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 ...

Group 1 - The core viewpoint emphasizes the integration of investment in physical assets and human capital as a means to enhance development momentum, expand domestic demand, and promote comprehensive human development [1] - Investment in physical assets has played a crucial role in China's rapid economic growth, contributing to the accumulation of physical capital, enhancement of production capacity, and improvement of public service levels [1][2] - There is significant potential for further investment in physical assets, particularly in key industries and technological advancements, as China's per capita capital stock remains low compared to developed countries [2] Group 2 - The importance and urgency of investing in human capital are increasingly recognized, as the economy shifts from capital-intensive to talent-intensive growth, necessitating greater investment in education, healthcare, and skills training [3] - Enhancing the income distribution system and promoting equal access to basic public services are essential for improving human capital investment and ensuring a high-quality life for all citizens [4] - Establishing a long-term mechanism for human capital investment, including optimizing fiscal responsibilities and encouraging various stakeholders to invest in human development, is critical for sustainable economic growth [4]

近日，各地陆续启动向符合条件的3周岁以下婴幼儿家庭发放每年3600元的育儿补贴，在冬日里给千家 万户带来阵阵暖意。加大对人的投资力度，已成为全社会的普遍共识。一系列重大民生政策出台实施， 如何落实落细、充分发挥政策红利受到高度关注。 强化"投资于人"，对于提升民生福祉、增强发展动能具有重要意义。近年来，我国不断加大对民生领域 的投入，民生建设更加公平、均衡、普惠、可及。特别是今年推出多项重要民生政策，受益范围广泛、 力度超过预期。其中，育儿补贴是新中国成立以来首次大范围、普惠式、直接性向群众发放的民生保障 现金补贴，中央财政今年安排预算达900亿元左右。逐步推行免费学前教育，免除公办幼儿园学前一年 在园儿童的保育教育费，有效降低家庭的教育支出，仅今年秋季一个学期即可相应减少家庭支出200亿 元。此外，稳定和扩大就业、提高基本医疗保障水平、提高基本养老金水平等举措也加力实施。 投资于人，很重要的环节还在于政策实施的"最后一公里"。投资于人，最终要落到具体的个人身上，基 层的工作至关重要。从一系列重大民生政策可以看出，中央财政在资金上给予了有力支撑。比如，对于 育儿补贴，中央财政按照一定比例对地方予以补助，中央总 ...

投资于人，要加大支出强度、提供坚实保障。近年来，我国在教育、医疗、养老等领域的投入大幅 提升，但与经济社会发展需求、人民群众期盼相比，差距仍然不小。"十五五"规划建议提出，"合理提 高公共服务支出占财政支出比重""加强财政科学管理，加强财政资源和预算统筹，强化国家重大战略任 务和基本民生财力保障"。当前，合理提高公共服务支出占财政支出比重还有较大潜力和空间。财政支 出应更加突出民生导向，把更多资金资源投资于人、服务民生。当然，要坚持尽力而为、量力而行的原 则，把保障和改善民生建立在经济发展和财力可持续的基础之上，不搞不切实际的空头支票，真 正"投"出获得感、幸福感、安全感。此外，还可以通过发挥政策引导作用，调动社会资本投资于人的积 极性。 近日，各地陆续启动向符合条件的3周岁以下婴幼儿家庭发放每年3600元的育儿补贴，在冬日里给 千家万户带来阵阵暖意。加大对人的投资力度，已成为全社会的普遍共识。一系列重大民生政策出台实 施，如何落实落细、充分发挥政策红利受到高度关注。 强化"投资于人"，对于提升民生福祉、增强发展动能具有重要意义。近年来，我国不断加大对民生 领域的投入，民生建设更加公平、均衡、普惠、可及。特别 ...

2025年，在全球贸易保护主义抬头、不确定性弥漫的背景下，中国经济在"高质量发展"的主航道中稳健前行。 然而，政策刺激的边际效应在下半年显著递减。前期发力过猛导致后续额度受限，部分省份补贴暂停，加之部分家庭耐用消费品已完成更新，政策拉动效果 明显弱化。这引发了关于补贴效率与可持续性的深层思考，政策未来需向更精准、惠及更广泛人群的方向优化。 与此同时，"投资于人"理念在今年实现了历史性突破，首次与传统的"投资于物"置于同等战略高度。这标志着宏观政策从过往过度依赖基建与房地产投资， 向弥补民生短板、提升居民福祉的系统性转变。 育儿补贴、消费贷贴息、养老金上调等具体措施陆续出台，旨在通过减轻居民在养老、医疗、教育等方面的负担，激活消费潜力，扭转长期的高储蓄倾向。 这一根本思路的调整，预示着未来公共支出结构的持续优化。 2025年，中国对外经济关系经历了重大压力测试。面对美国再度掀起的超高关税战，中国一改2018年时的策略，采取了迅速而强硬的反制措施。 这份底气体现在经过十年布局形成的多元化贸易网络上：对美出口占比下降的同时，对东盟、非洲及"一带一路"沿线国家的出口实现了强劲增长。 新能源汽车、集成电路、船舶等高附加 ...

我国政策空间充足、政策工具丰富。宏观政策要用好用足政策空间，提高调控的前瞻性、针对性、有效 性。发挥积极财政政策作用，合理确定赤字率和举债规模，综合运用预算、税收、政府债券、转移支付 等工具，保持支出强度，更有力支撑经济平稳运行。实施好适度宽松的货币政策，保持社会融资条件相 对宽松，持续营造适宜的货币金融环境，引导更多金融活水支持实体经济。同时，增强宏观政策取向一 致性，促进财政、货币、就业、产业、区域、科技、环保等政策协调配合，同向发力、提升效能。 主动进取，才能以高质量发展的确定性应对各种不确定性。实施好更加积极的宏观政策，持续用力扩大 内需，增强内生增长动能，将有力促进实现全年经济社会发展目标，确保"十四五"规划圆满收官， 为"十五五"开局起步打下良好基础。 （文章来源：经济日报） 同时，投资于人成为宏观政策的突出特点。投资于人是一项关乎国家长远发展的重大战略部署。从注重 惠民生与促消费相结合，突出以就业带动增收，不断提高社会保障水平，到建立育儿补贴制度、逐步推 行免费学前教育、推进普惠托育服务体系建设，国家投入更多真金白银聚焦人的全面发展。 可以说，今年我国经济顶住压力、稳步前行，重要"密码"就在于更 ...

碧翰烽/文 一是全力增加居民收入，特别是扩大中等收入阶层。 只要现在口袋里有钱，不用担心消费问题；或者是相信未来会更有钱，也不用担心消费问题。 一方面是增加现实的收入。这是当下值得关注的一个问题，就是居民的收入是否保持持续增长？ 可以说，投资基础设施建设的钱，是非常可观的，也取得了显著的成效，对于经济社会的发展是显而易见的。 但是过度地投资于"物"，有两个问题不能忽视：一个是边际效益在逐步递减；还有一个是可能导致的贫富分化。 一个是基层干部群体，至少包括绩效奖励等在内的收入是有所下降的； 还有一个是农民，一部分农民工可能在城市无业可就，特别是建筑行业；还有一部分在家务农的农民，农业收入也恐怕受到了影响。 比如今年有的农村水果业虽然丰收丰产，但是销售价格下降了一半左右，而且销量也受到影响，收入相比去年明显缩水。 另一方面是增加预期的收入。这也是一个很现实的问题，就是今年我的收入虽然下降了，但明年有可能增加。 这是信心问题，希望问题。 有位村支书曾经坦言，农民眼下比较关注三个问题：一个是收入问题；一个是安全问题；还有一个是遇到了诉求困难有人解决的问题。 解决"增加收入"的问题，就是提高消费能力，让人"能消费"。 ...

Group 1 - The core viewpoint of the news emphasizes the importance of investing in people to enhance the quality of life and promote comprehensive human development, which is essential for achieving modernization in China [1] - The "14th Five-Year Plan" suggests a close integration of improving people's livelihoods and promoting consumption, highlighting the need for policies that support both material and human investments [1] Group 2 - Hebei Province has initiated the distribution of childcare subsidies, optimizing processes to ensure timely delivery of funds to eligible families, reflecting a direct benefit to the public [2] - The government plans to establish a universal childcare service system by 2030, aiming for 4.5 childcare spots per 1,000 people for children under three years old by 2025, with a target of adding 660,000 affordable childcare spots [2] - Starting January 1, 2025, families will receive an annual subsidy of 3,600 yuan for each child until they reach three years old, marking the first large-scale direct cash subsidy for public welfare since the founding of New China [2] Group 3 - The Ministry of Civil Affairs and the Ministry of Finance have announced a subsidy program for elderly individuals with moderate to severe disabilities, aimed at reducing their care costs [3] Group 4 - By the end of last year, the average life expectancy in China reached 79 years, with eight provinces exceeding 80 years, indicating a steady improvement in public health [4] - The number of childcare spots is expected to reach 5.737 million by 2024, a 126% increase compared to the end of the "13th Five-Year Plan" [4] Group 5 - The Ministry of Human Resources and Social Security has designated this year as a "Skill Training Year," focusing on enhancing income levels through skill development in high-demand sectors [5] - Training programs are being implemented in emerging fields such as digital talent and advanced manufacturing, as well as in essential services like elderly care and domestic work [5] Group 6 - The "QianNan Nuclear Industry" labor brand is focusing on high-precision and safety standards in the nuclear industry, providing targeted training for skilled workers, particularly in remote areas [6] Group 7 - The report from the Ministry of Civil Affairs indicates that as of last year, there were over 31 million individuals aged 60 and above in China, highlighting the growing demand for socialized elderly care services [8] - The number of people participating in basic pension insurance has increased by 6.39 million from the previous year, with a total of 107.282 million participants [8] Group 8 - The investment in human resources is expected to create significant market opportunities in the silver economy, expanding beyond healthcare to include culture, tourism, and technology, thus fostering innovation and new business models [9]

Core Viewpoint - The article emphasizes the importance of a people-centered new urbanization strategy in China, aiming to enhance urbanization quality and unleash the potential of urban-rural integration for economic growth [2][3]. Group 1: New Urbanization Strategy - The new urbanization strategy focuses on improving the quality of urbanization by prioritizing human needs, which is seen as a shift from infrastructure-centric development to a more holistic approach that considers the well-being of individuals [2][3]. - The strategy aims to address the structural issues in China's economy, particularly the shortcomings in domestic demand and consumption, by fostering vibrant urban markets [3][5]. Group 2: Historical Context and Evolution - Urbanization has been a key driver of China's economic rise since the reform and opening up, with significant government-led initiatives contributing to urban development [2][3]. - The article highlights the transition from a focus on physical infrastructure ("seeing things") to a focus on human experiences and community engagement ("seeing people") as a necessary evolution in urbanization thinking [3][4]. Group 3: Implementation Challenges - To effectively implement the people-centered urbanization, it is crucial to overcome the traditional reliance on infrastructure expansion and instead focus on community involvement and public decision-making [4][5]. - The article stresses the need for reforms in the household registration system to facilitate population mobility and address long-standing gaps in public services provided by local governments [5][6]. Group 4: Future Outlook - The new urbanization strategy is positioned as a critical component of China's broader economic and social policies, aiming to create a more inclusive and resilient urban environment that reflects the diverse needs of its residents [4][6]. - By prioritizing human-centered development, the strategy seeks to enhance the overall quality of life in cities, making them more attractive and livable for all [4][6].

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China's high-quality development, facing multiple challenges such as macroeconomic changes, demographic shifts, and employment issues, necessitating systematic responses from institutional design and resource allocation [4] Group 1: Macroeconomic Trends - Current macroeconomic patterns show a "failure of traditional rules," where short-term shocks and long-term structural factors interact, complicating the relationship between inflation and unemployment [5] - The aging population is a long-term factor that suppresses inflation, raising concerns about its impact on economic vitality [5] Group 2: Competition and Economic Efficiency - "Involution" in competition leads to a decline in potential growth rates, slowing productivity growth and reducing investment returns, resulting in a contraction of market size [6] - Over-investment in traditional sectors delays the transition to new growth drivers, causing a series of negative effects including weak CPI and declining employment quality [6] Group 3: Demographic Challenges - The dual pressures of low birth rates and rapid aging are significant challenges during the "14th Five-Year Plan" period, with the total fertility rate falling below replacement levels since 1992 [8] - The aging population increases the old-age dependency ratio, straining pension fund sustainability and creating a demand for elderly care that the current supply system struggles to meet [8] Group 4: Consumption Dynamics - The demographic structure negatively impacts consumption potential, with younger populations decreasing and older individuals having limited consumption capacity due to low labor participation and insufficient social security [9] Group 5: Employment Market Characteristics - The employment market is characterized by new forms of employment, with 310 million individuals in urban self-employment and private sectors, and 200 million in flexible employment as of 2023 [10] - Labor mobility is becoming more localized, which may hinder overall productivity growth [10] Group 6: Policy Recommendations - The focus should shift from merely expanding the economy to improving income distribution, addressing urban-rural income disparities, and enhancing social equity [13] - Investment should transition from physical assets to human capital, emphasizing education and health to foster sustainable economic growth [14]