□ 陈立民 再如，今年火遍全网的"苏超"。"苏超"爆火，离不开江苏人均体育场地面积4.46平方米、城市社区"10分 钟体育健身圈"覆盖率超97%的硬件支撑，"投资于物"筑牢了赛事基础；在植根于人、服务于人、以人 为本的理念引领下，"苏超"成为"人民的足球、纯粹的快乐"，这本身就是最生动的投资于人的故事。一 场赛事，既推动了全民健康发展，又催生出新的消费增长点，生动诠释了二者结合的深远价值。 坚持投资于物与投资于人紧密结合，关键要树立系统思维，下好"协同棋"。在顶层设计上，将二者统筹 纳入国民经济和社会发展总体规划，保持投资于物的合理规模，同时提高投资于人的精准性与实效性。 在投资结构上，既要推动"物的投入"向高端化、智能化、绿色化聚焦，夯实新质生产力的物质根基；也 要精准滴灌人力资本，补上产业发展的人才短板。在制度保障上，应建立多元化评价体系，更加重视人 才成长、民生改善等"人的成效"，摒弃"见物不见人"的片面导向。 见"物"见"人"才能见未来。面对人口结构重大变化、发展方式加快转型、社会需求日益多样的新形势， 坚持投资于物和投资于人紧密结合，让物的积累精准对接人的需求，让人的成长持续反哺物的效能升 级，才能 ...

理论源自实践，又高于实践、引领实践。2023年习近平总书记在二十届中央财经委员会第一次会议上创 造性提出"把'投资于物'同'投资于人'紧密结合起来"，党的二十届四中全会对坚持"投资于物和投资于人 紧密结合"作出重要部署。不久前闭幕的中央经济工作会议进一步把"必须坚持投资于物和投资于人紧密 结合"列为做好新形势下经济工作新的认识和体会之一。这是我们党在引领发展实践的基础上对做好新 形势下经济工作规律性认识的深化，进一步丰富和发展了习近平经济思想。我们要将"投资于人"作为重 要发力点，以此释放消费潜力、引导有效投资，不断夯实内需基础，增强发展内生动力。 "投资于人"对于扩大内需、实现高质量发展具有深远意义。从内需构成看，近年我国居民消费占国内生 产总值的比重在39%左右，资本形成总额占比在41%左右。从国际比较看，近年全球居民消费占国内生 产总值比重约为57%，资本形成总额占比在27%左右。相对而言，我国内需问题的主要症结，一方面源 于居民消费需求不足，另一方面是消费和投资的良性互动关系尚待完善。"投资于人"是实现消费和投资 良性互动的重要抓手，其核心是围绕人的全面发展加大投入，提升人力资本和民生福祉水平，从而贯 ...

Core Viewpoint - The core argument presented by Gao Peiyong emphasizes the necessity of integrating "investment in people" with "investment in material" to address current economic challenges and support the goal of achieving basic socialist modernization by 2035 [1] Group 1: Economic Context and Goals - The 20th Central Committee's Fourth Plenary Session highlights the need for decisive progress in achieving socialist modernization during the 14th Five-Year Plan, with specific quantitative indicators linked to per capita GDP reaching the level of moderately developed countries [1] - Current per capita GDP in China is approximately $13,500, while the target for moderately developed countries is between $25,000 and $26,000, indicating a need to double per capita GDP within the next decade [1] Group 2: Investment Strategy - Gao stresses that relying solely on traditional material capital investment is insufficient for sustained growth, advocating for a shift towards investing in human development to stimulate domestic demand and drive economic structural upgrades [1] - The current economic challenge of weak domestic demand and pessimistic expectations is identified, with weak expectations being the root cause of the observed decline in consumption growth [2] Group 3: Government Spending and Structural Adjustment - A systematic adjustment in government spending is necessary, which involves reducing expenditures on material investments while increasing those on human investments, thereby enhancing public service spending and optimizing the overall consumption investment structure [2] - The transition from a material-focused fiscal system to a public finance model is highlighted as a critical phase, necessitating proactive measures to drive this profound change in resource allocation [2] Group 4: Social Security and Transfer Payment System - The urgency of modernizing the social security and transfer payment system is emphasized, with current shortcomings including selective coverage, varying benefits, insufficient public service funding, and a lack of significant redistributive function [3] - The establishment of a modern social security system aims to eliminate urban-rural disparities and identity differences, ensuring universal applicability of the protection system to all citizens [3] Group 5: Proposed Reforms - Three specific reform measures are proposed: 1. Accelerate the adjustment of fiscal expenditure structure by significantly increasing the proportion of social welfare spending while reducing economic construction spending [4] 2. Improve the social security system by promoting nationwide coordination of basic pension insurance to achieve full coverage of the legally defined population [4] 3. Enhance the transfer payment system by establishing a demand-oriented precise transfer payment system to equalize social assistance within provincial administrative regions [4] - The establishment of a modern social security and transfer payment system, along with enhancing the equity and accessibility of basic public services, is deemed essential for the effective functioning of a proactive government [4]

Core Viewpoint - The emphasis on combining investment in physical assets and human capital is crucial for promoting overall investment and addressing external challenges [1] Group 1: Investment Focus - Investment in physical assets includes infrastructure, housing, and machinery, which solidify the material and technical foundation for economic development [1] - Investment in human capital encompasses enhancing capabilities and potential across the entire population, focusing on areas like childcare, elderly care, health, education, and skills training [1] - Current slowdown in investment growth indicates saturation in infrastructure, while investment in human capital presents significant opportunities [1] Group 2: Investment Strategy - The "14th Five-Year Plan" suggests strengthening human resource development and increasing investment in social welfare sectors like elderly care and education to build a people-centered social security system [3] - A combination of "hard investment" (infrastructure) and "soft construction" (knowledge and skills enhancement) is essential for sustainable development [3][4] Group 3: Funding Sources - Fiscal investment is a key financial source, with the government allocating significant funds for healthcare, totaling over 3 trillion yuan from 2018 to 2025 [5] - Encouraging social capital investment in human capital is vital, requiring policy adjustments and a conducive environment for private sector involvement [5] - Legal frameworks like the Private Economy Promotion Law aim to eliminate barriers for social capital investment in human development [5] Group 4: Policy Implementation - Ensuring the effective implementation of human capital investment policies requires robust assessment mechanisms for local governments [6] - Establishing statistical systems to include human investment in national accounts is necessary for tracking progress [6] - A shift in focus from immediate returns on physical investment to long-term benefits of human capital investment is essential for sustainable development [6]

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 ...

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]

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].