Core Viewpoint - The year 2025 is characterized by significant economic resilience and vitality in China, with a focus on investment in people, artificial intelligence, and a favorable capital market [1] Group 1: Economic Trends - Experts highlight that 2026 will see an increase in macroeconomic policy counter-cyclical adjustments to support domestic demand expansion [1] - There is an emphasis on further deepening reforms to fully unleash economic vitality and potential [1]

"投资于人"的制度变革，才能打造出新的内需引擎。 经济在爬坡升级中，新生力量虽朝气蓬勃，但对整个经济的支撑能力尚有限，要保持经济行稳致远，对 现有经济结构进行有效的损益分析和风险管控是必要前提。 当前经济工作需存量化险与增量助推两手布局。最新数据反映出规上工业企业的存量化险工作任务较 重。11月末，规上工业企业应收账款28.40万亿元，同比增长5.5%；产成品存货6.92万亿元，增长 4.6%；产成品存货周转天数同比增加0.6天；应收账款平均回收期同比增加3.7天。1~11月，规上工业企 业每百元营业收入中的成本为85.50元，同比增加0.18元。这些数据背后凸显的是，稍有不慎，存量资产 就面临不良化风险。 当前工业企业营业收入和利润增长，很多来自被动补库存，这是产成品库存等增速明显超过利润和营收 增速的主要原因。同时，应收账款增长、应收账款平均回收期天数增加及产成品存货周转天数增加等， 不仅加重企业经营活动压力，也提醒当下实体经济可能存在企业带链空转问题，即企业在缺乏市场需求 下被动通过库存循环来保持边际产能运转，避免生产线暂停的损失。当然，出现这些问题的主要原因是 内需偏弱，尤其是最终消费需求。因此做大内 ...

当前，人口老龄化与新技术浪潮相互交织，全球发展范式加速从依赖人口规模转向更加倚重人口质量。 谁拥有高素质人才，谁就能在竞争中抢占先机。 优化产学研一体化模式。适应现代化产业体系建设对人才需求结构的新要求，以教育投资为引导，教育 资源向基础学科、交叉学科与国家急需领域倾斜。深化产教融合与校企协同，让教育内容与产业需求紧 密结合，构建与国家战略需求相适应的人才自主培养体系，培养更多创新实践能力强的高素质人才。 2025年，各地各部门积极响应，围绕"投资于人"展开一系列卓有成效的实践。浙江、江苏、广东等地深 化数字人才培育，推动产教融合，有效缓解数字产业人才缺口；河南、湖北等省份通过建设"一站式"人 才服务中心、实施"青年人才安居工程"等举措，大幅增强了对人才的持久吸引力；新疆引入"揭榜挂 帅"机制，靶向支持重大需求领域高层次人才和团队。 展望"十五五"，"投资于人"需加快从理念转化为实践。各地各部门要紧紧围绕高质量发展，在人口发展 和人才开发的重点关键领域进行前瞻布局与持续投入。 加大对劳动者终身学习体系建设的投入。技术迭代加速带来职业重塑挑战，人工智能等技术变革深刻影 响就业结构。要系统性加大对劳动者数字素养与 ...

Group 1 - The core viewpoint emphasizes the shift from population scale to population quality in global development, highlighting the importance of high-quality talent in gaining competitive advantages [1] - During the "14th Five-Year Plan" period, China's total population and working-age population still show advantages, but there is a declining trend in birth rates and natural growth rates, leading to structural contradictions in the labor market [1] - The central government stresses the need to prioritize "investment in people" to address the mismatch between talent supply and demand, and to enhance the quality and structure of human resources for high-quality development [1] Group 2 - Looking ahead to the "15th Five-Year Plan," there is a call for practical implementation of "investment in people," focusing on high-quality development and continuous investment in key areas of population development and talent cultivation [2] - There is a need to increase investment in lifelong learning systems for workers, as technological advancements are reshaping job structures and impacting employment [2] - The optimization of the integration of industry, academia, and research is necessary to meet the new talent demand structure required by modern industrial systems, with a focus on aligning educational resources with national strategic needs [2] Group 3 - The construction of a comprehensive talent service system is essential to create a favorable environment for talent development, including investments in housing, healthcare, education, and research networks [3] - A one-stop, all-encompassing service system is proposed to alleviate concerns for talent, allowing them to focus on innovation and entrepreneurship [3] Group 4 - "Investment in people" is framed as an investment in the future, with a commitment to advancing this strategy to energize the "first resource" and drive high-quality development [4]

在福建检察系统，泉州市检察机关以全省七分之一的人员，办了占全省四分之一量的案件。高负荷、快 节奏，办案依然亮点纷呈。 在这里，人才竞相奔涌 福建泉州：做好"人"的文章推进新时代检察队伍建设 "干部队伍建设如同'栽树育苗'，青年干警正处在干事创业的'生长期'、能力提升的'关键期'。"2025年11 月，一场面向泉州市两级检察院优秀年轻干警的政治轮训如期开班。 爱拼，闽人的精神特质，是流淌在泉州检察人血脉里的基因。若问，爱拼何以会赢？泉州市检察院的答 案是"投资于人"，做好"人"的文章。 《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》提出要坚持投资于物和投资于人紧 密结合。"检察机关对人的投资，就是把检察人员当作最宝贵的资源，厚植尊重人才、培养人才、激活 人才的沃土，为他们的成长成才铺路搭台，以人的全面发展为高质效办案提供有力保障。"泉州市检察 院相关负责人介绍，在过硬队伍建设中，这种"投资于人"的理念已清晰落地，见行见效。 破题之钥，投资于人 泉州所辖11个基层检察院地域分布跨山越海，经济社会发展水平不一，各地业务体量、人力结构和能力 需求差异巨大。追根溯源，差异的核心在于"人"。 人手紧、任务重 ...

Core Viewpoint - The 2025 Annual Meeting of the China Wealth Management 50 Forum emphasizes the theme of "Moving Towards a Financially Strong Nation" and highlights the need for a profound social transformation that integrates "investment in people" with "investment in material" [1][7]. Group 1: Challenges of "Investment in People" - The core challenges of "investment in people" include the need to optimize government spending structure, where social welfare and public service spending should increase while economic construction spending should decrease, facilitating a transformation in overall consumption and investment structure [3][9]. - There is a necessity to move away from the "dual" economic system in government spending, as current fiscal coverage is not comprehensive and disparities in treatment remain, requiring proactive adjustments rather than waiting for natural evolution through economic development [3][9]. - Current basic public services face three major issues: selective coverage, unequal treatment, and insufficient funding, which will be exacerbated under the "investment in people" framework, necessitating solutions to enhance equity and accessibility [3][10]. - The Central Economic Work Conference emphasizes the need for simultaneous policy support and reform innovation, indicating a shift in macroeconomic governance that requires effective coordination between policy adjustments and reform initiatives [4][10]. Group 2: Proposed Institutional Reforms - Five key areas for institutional reform are proposed: 1. Restructuring the fiscal and tax operation framework to adjust revenue and expenditure, reducing economic construction spending while increasing social welfare and public service spending [5][11]. 2. Maintaining a dual approach of policy support and reform innovation to boost consumption, focusing on both releasing current consumption potential and enhancing consumer capacity through reforms [6][11]. 3. Optimizing the allocation of basic public services to address current shortcomings in coverage, treatment, and funding, aiming for greater equity and accessibility [6][11]. 4. Establishing a modern social security system and transfer payment system to convert funds into disposable income for residents, aiming to eliminate disparities and enhance living standards [6][11]. 5. Upgrading the macroeconomic governance system to incorporate expectation management into economic analysis, ensuring a unified approach to supply-demand management and policy objectives [6][12].

中央经济工作会议后，中财办、相关部委及地方政府迅速推进会议精神的学习贯彻工作。其释放的增量信息与政策信号有何深 意？本文分析，可供参考。 文 | 赵伟、贾东旭、侯倩楠 联系人 | 贾东旭 摘要 中财办对中央经济工作会议的解读更具体，突出内需结构性变化与"反内卷"的三个层次等。 中央经济工作会议后，中财办、相关部委及地方政府围绕扩大内需、反内卷、新质生产力等方向，密集开展会议精神的学习、 解读与部署工作。 各部门和地区部署亮点纷呈：中财办研判消费结构演变等，财税部门聚焦财力保障，经济大省侧重开放布 局，边疆地区强化安全建设。 中财办解读中央经济工作会议精神，重点强调财政"为未来风险留有余地"与货币政策"前瞻性、科学性调节"两大核心方向。 融 资条件方面，其提出"促进社会综合融资成本低位运行"，与此前货币政策执行报告"推动社会综合融资成本下降"的表述有所变 化。 内需方面，中财办提出把握消费结构性变化，坚持投资于物与投资于人相结合。 其指出"我国正在从以商品消费为主转向商品 消费和服务消费并重"，契合今年消费现状；投资方面则聚焦消费类基建，并提出"靠前实施具备条件的'十五五'重大项目"。 改革方面，中财办注重统一 ...

Production - In November, the industrial added value of large-scale industrial enterprises increased by 4.8% year-on-year, with high-tech industries contributing 29.8% to the overall growth[9] - The service production index recorded a year-on-year increase of 4.2% in November, showing a slight decline from October[21] - The growth rate of traditional manufacturing industries is under pressure, while some technology-intensive manufacturing sectors maintain high growth rates[18] Investment - From January to November, fixed asset investment showed a cumulative year-on-year decline of 2.6%, the lowest since July 2020, down 0.9 percentage points from the previous month[10] - Manufacturing investment growth has slowed for eight consecutive months, with a cumulative year-on-year increase of 1.9%[23] - Real estate investment saw a year-on-year decline of 16%, with both supply and demand sides under pressure[38] Consumption - In November, the retail sales of consumer goods increased by only 1.3% year-on-year, falling short of the expected 2.93%[11] - The retail growth of building and decoration materials dropped to -17%, the lowest since March 2020, due to high base effects and cautious expectations[57] - Policies to stimulate consumption are expected to be implemented, focusing on enhancing consumer confidence and optimizing related systems[76] Risks - Risks include potential underperformance of policy implementation, external demand fluctuations, and weak recovery in resident consumption[78] - The real estate market faces adjustment risks, which could indirectly impact infrastructure investment and related consumption sectors[78]

国内心局 2025 年 12 月 26 日 开局之年, 地方如何"因地制宜" ? 部委与地方学习中央经济工作会议精神解析 中央经济工作会议后，中财办、相关部委及地方政府迅速推进会议精神的学习贯彻工作。其释 放的增量信息与政策信号有何深意？本文分析，可供参考。 中财办对中央经济工作会议的解读更具体,突出内需结构性变化与"反内卷"的三个层次等。 中央经济工作会议后,中财办、相关部委及地方政府围绕扩大内需、反内卷、新质生产力等方 向，密集开展会议精神的学习、解读与部署工作。各部门和地区部署亮点纷呈：中财办研判消 带结构演变等,财税部门聚焦财力保障,经济大省侧重开放布局,边疆地区强化安全建设。 中财办解读中央经济工作会议精神，重点强调财政"为未来风险留有余地"与货币政策"前瞻 性、科学性调节"两大核心方向。融资条件方面，其提出"促进社会综合融资成本低位运行"， 与此前货币政策执行报告"推动社会综合融资成本下降"的表述有所变化。 内需方面，中财办提出把握消费结构性变化,坚持投资于物与投资于人相结合。其指出"我国 正在从以商品消费为主转向商品消费和服务消费并重"，契合今年消费现状；投资方面则聚焦 消费类基建,并提出"靠前 ...

Group 1 - The central economic work conference emphasizes the need for structural changes in domestic demand and the concept of "anti-involution" across three levels [2][3][41] - The central financial office highlights the importance of leaving room for future risks in fiscal policy and the forward-looking, scientific adjustment of monetary policy [2][41] - The focus on optimizing consumption structure indicates a shift from commodity consumption to a balance between commodity and service consumption, aligning with current consumption trends [2][48] Group 2 - Investment strategies should combine investments in physical infrastructure and human capital, with a focus on consumer-related infrastructure projects [11][51] - The central financial office plans to implement major projects under the 14th Five-Year Plan and guide private investment towards high-tech and service sectors [11][51] - The emphasis on establishing a unified national market and "anti-involution" measures requires precise actions from the market, government, and enterprises [3][54] Group 3 - The fiscal and tax departments are focused on ensuring financial stability while addressing local fiscal difficulties, including the issuance of long-term special government bonds [4][58] - Financial regulatory bodies are using various tools to support the real economy and the real estate market, emphasizing the importance of timing and intensity in policy implementation [4][59] - The industrial departments are collaborating to cultivate new productive forces, particularly in digital transformation and key technology breakthroughs [4][65] Group 4 - Local governments are adapting the central economic work conference's spirit to their specific circumstances, focusing on breaking "involution," promoting "investment in people," and establishing a correct view of performance [5][66] - Different regions are pursuing development strategies based on their unique endowments, with eastern regions emphasizing outward competition and future technology, while central and western regions focus on green, transitional, and security aspects [5][34][66] - The emphasis on "investment in people" indicates a shift towards enhancing human capital alongside physical investments, with local governments recognizing the importance of this balance [5][66]