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]

Core Viewpoint - The essence of the new urbanization is to prioritize people, emphasizing that urbanization should focus on human needs and experiences rather than merely infrastructure development [1][4]. Group 1: New Urbanization Strategy - The Chinese government is advancing a new urbanization strategy centered on human needs, aiming to enhance the quality of urbanization and unlock the potential of urban-rural integration to drive economic growth [2][3]. - This approach marks a shift in understanding urbanization from a focus on physical infrastructure ("seeing things") to a focus on people ("seeing people"), recognizing cities as places of opportunity and freedom for individuals [2][3]. Group 2: Economic Implications - The new urbanization strategy is crucial for addressing structural issues in the Chinese economy, particularly the shortcomings in domestic demand and consumption [3][5]. - By embedding a people-centered philosophy into urbanization, the strategy aims to stimulate market activity and economic vitality, which are essential for overcoming deep-seated economic challenges [3][4]. Group 3: Implementation Challenges - To effectively implement this people-centered urbanization, it is necessary to break away from traditional urbanization models that overly focus on infrastructure, ensuring that urban development genuinely reflects the needs and aspirations of residents [4][5]. - The strategy requires 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: Social and Public Services - Enhancing social security and public service equality is vital for providing citizens with a sense of security, which in turn encourages consumer confidence and spending [6]. - The new urbanization approach emphasizes the importance of open governance and public service that prioritizes human development, aiming to create a supportive environment for all residents [6].

Core Viewpoint - The upcoming Central Economic Work Conference is expected to release a more proactive macro policy tone, with a focus on boosting domestic demand as a key area of attention [1] Group 1: Economic Policy and Consumer Spending - The "Suggestions" document includes "significantly improving the resident consumption rate" as a primary goal for economic and social development [1] - China's resident consumption rate is projected to be approximately 39.9% of GDP in 2024, significantly lower than the 50%-70% range seen in developed countries [1][5] - An increase of 10 percentage points in the resident consumption rate could generate over 10 trillion yuan in economic growth [1][5] Group 2: Structural Challenges and Opportunities - The current resident consumption rate in China is around 40%, which is 10-30 percentage points lower than that of developed countries, particularly in service consumption [5][4] - If the resident consumption rate increases by 10 percentage points, it could lead to a consumption increment of 13.5 trillion yuan, equivalent to 53.2% of the total export value for that year [5] - The increase in consumption is expected to drive production optimization and enhance investment returns, while also pushing for service consumption and new product supply upgrades [2] Group 3: Policy Measures and Strategic Focus - The "Suggestions" propose various measures to boost consumption, including promoting employment, increasing income, and enhancing public service spending [6][10] - Investment in human capital is emphasized as a necessary strategy, with a focus on improving education, healthcare, and social security systems [7][12] - The government plans to enhance consumer confidence and capability through policies that increase disposable income and improve the social safety net [12] Group 4: Long-term Development and Structural Upgrades - The need for a long-term strategy to enhance the resident consumption rate is highlighted, focusing on increasing the share of disposable income in GDP and promoting service sector growth [12] - The "Suggestions" emphasize a three-pronged approach of strengthening guarantees, increasing income, and optimizing supply to solidify the foundation for internal consumption growth [12][8] - The service consumption sector is identified as a significant area for growth, with a focus on improving supply capabilities and service quality [8][9]

（原标题：时报观察丨发展数字经济 需先投资于人） 证券时报记者 韩忠楠 近日，国家发展改革委、国家数据局、教育部、科技部等部门联合印发《关于加强数据要素学科专业建 设和数字人才队伍建设的意见》（下称《意见》），明确提出促进数据领域教育链、人才链与产业链、 创新链深度融合，为数字人才培养搭建起制度框架。 这一政策的出台恰逢其时，与我国数字经济的发展态势形成有力呼应。数据显示，2024年我国数字经济 核心产业占GDP的比重已突破10%，数字经济规模稳居世界第二。根据预测，2025年，我国数字经济年 产值有望迈过80万亿元大关。 人才既是数据要素供给、流通与保障的核心参与者，更是数字经济高质量发展的根本驱动力，发展数字 经济，必先投资于人。"十五五"规划建议强调的投资于物和投资于人紧密结合，其深层逻辑也指向了人 才培养的重要意义。无论是新兴科技的突破，还是经济结构的转型，最终都要落脚于人才的综合素质提 升。 "投资于人"不仅是短期内缓解人才缺口的务实之举，更是筑牢长期发展根基的战略选择。数字技术迭代 速度快、应用场景广，只有保持高素质人才供给的充沛性与适配性，才能快速响应技术变革需求，持续 激活数据要素潜能。 数字 ...

近日，国家发展改革委、国家数据局、教育部、科技部等部门联合印发《关于加强数据要素学科专业建 设和数字人才队伍建设的意见》（下称《意见》），明确提出促进数据领域教育链、人才链与产业链、 创新链深度融合，为数字人才培养搭建起制度框架。 这一政策的出台恰逢其时，与我国数字经济的发展态势形成有力呼应。数据显示，2024年我国数字经济 核心产业占GDP的比重已突破10%，数字经济规模稳居世界第二。根据预测，2025年，我国数字经济年 产值有望迈过80万亿元大关。 （文章来源：证券时报） "十五五"规划建议明确提出要深入推进数字中国建设，将健全数据要素基础制度、深化数据资源开发利 用放在重要位置。这一部署精准契合了当前数字经济发展的核心趋势，即数字经济的蓬勃壮大，不仅依 赖于技术的迭代，还需要以数据作为核心生产要素，以高素质的人才队伍作为支撑。 人才既是数据要素供给、流通与保障的核心参与者，更是数字经济高质量发展的根本驱动力，发展数字 经济，必先投资于人。"十五五"规划建议强调的投资于物和投资于人紧密结合，其深层逻辑也指向了人 才培养的重要意义。无论是新兴科技的突破，还是经济结构的转型，最终都要落脚于人才的综合素质提 升 ...

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of expanding domestic demand as a strategic foundation, integrating investment in goods and people to stimulate new supply and demand, thereby enhancing the internal circulation of the economy [1] Group 1: Investment in People - Increased government spending on education is essential for the comprehensive development of individuals, especially in the context of rapid advancements in artificial intelligence, which poses a challenge to human capital development [2] - The proportion of public education spending relative to GDP should significantly increase to improve human capital and meet the demands of a changing labor market [2] - The government is encouraged to effectively utilize current opportunities to enhance resource allocation in education [2] Group 2: Economic Growth and Human Development - Since the release of the Human Development Index by the United Nations in 1990, China has been the only country to transition from low to high human development levels, currently moving towards extremely high human development [1] - Future improvements in human development levels will rely on health and education, especially as economic growth rates are expected to slow down [1] - It is projected that by 2025, China's per capita GDP will reach $14,000, which is expected to lead to a significant increase in the consumption rate [2]

Core Viewpoint - The 2025 Analyst Conference highlighted expectations for a significant bull market in A-shares, driven by the "14th Five-Year Plan" and its focus on innovation, investment in people, and international cooperation, which are anticipated to inject new momentum into the Chinese economy and support its recovery towards 2026 [1][6][7]. Group 1: Characteristics of the Recovery - The current recovery is expected to begin with price increases, influenced by new fiscal measures aimed at public services and living standards, alongside policies to counteract "involution," which may lead to a moderate rise in prices beneficial to innovative companies [2][8]. - This recovery is likely to be structural rather than rapid, driven by advantageous industries and companies, as existing structural issues within the economy, such as real estate adjustments and demographic challenges, remain unresolved [3][9]. - The recovery may also alter financial asset allocation, with a potential decline in bank loan rates being limited, while a shift in wealth from real estate to other financial products is anticipated, promoting a flow of capital towards high-quality assets [4][10].

Core Viewpoint - "Investment in people" is a specific embodiment of the people-centered development philosophy, reflecting a necessary requirement for China's economic and social development at a certain stage, and is an active choice for long-term planning [2][3] Group 1: Definition and Relationship - "Investment in people" refers to allocating more fiscal funds and public resources to areas such as education, employment, healthcare, and social security, focusing on enhancing human capabilities and driving high-quality economic development through human capital [2][3] - It contrasts with "investment in material," emphasizing a new development direction that corrects past investment models and capacity expansion approaches [2][3] Group 2: Economic Context - Economic growth has traditionally focused on capacity expansion, with "investment in material" being the preferred strategy due to its quicker returns and easier cost-benefit analysis [3] - From 2008 to 2023, China's incremental capital-output ratio increased from 2.84 to 9.44, indicating that more capital is required to generate the same GDP growth, highlighting the diminishing returns of material investment [3][6] Group 3: Social Needs and Development - The pursuit of a better life by the people encompasses not only diverse and high-quality consumption needs but also broader social development goals [4][6] - "Investment in people" aims to meet these needs and is not a rejection of "investment in material," but rather seeks a close integration and positive interaction between the two [4][6] Group 4: Policy Implications - The emphasis on "investment in people" is a necessary requirement for China's economic and social development, particularly in the context of the 14th Five-Year Plan, which aims to guide investment direction and optimize investment structure [6][7] - The current domestic demand issue is partly due to insufficient consumer demand and the need for a better interaction between consumption and investment [7] Group 5: Areas of Focus - Key areas for "investment in people" include education, training, employment, and the development of human resources, which are essential for enhancing human capital and professional skills [10][11] - Investment should also extend to creating a favorable ecological environment and meeting the spiritual and cultural needs of the population [10][11] Group 6: Long-term Vision - "Investment in people" is fundamentally about enhancing the quality of life and civilization, which is closely linked to the development of social productivity [15][16] - The approach should be integrated into the broader context of Chinese-style modernization, focusing on human development as a primary goal [16][17]

央视网消息（焦点访谈）：今天（11月30日），我们继续"向着新目标前进"系列。从柴米油盐到衣食住 行，从孩子的书包到老人的康养，每个人对美好生活的向往都是国家发展的方向。"十五五"规划建议 中，关于扩大内需、优化投资有哪些全新部署？这些部署背后又藏着怎样的发展新逻辑？今天，我们就 带着这些疑问，一起层层拆解，读懂政策里的民生温度与发展密码。我们先来看关于内需和投资，"十 五五"规划建议里的"新提法""新目标"是什么。 "十五五"规划建议指出，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。其中，"坚持惠民生和促消费、投资于物和投资于人紧密结合"是"十五五"规 划建议中关于内需和投资的一个全新提法和目标。 清华大学中国发展规划研究院常务副院长董煜："投资于物与投资于人，是这次"十五五"规划当中的一 大亮点，实现了发展目的与发展路径的更好结合，实现了投资目标和投资结构之间的有机协同。" 中国国际经济交流中心资深专家委员朱民："这个政策在未来十年、二十年以至于三十年，给整个中国 ...