近日出版发行的《党的二十届四中全会〈建议〉学习辅导百问》，对"怎样理解投资于物和投资于人紧 密结合？"作出回答。 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力。 第二，"十五五"乃至更长时期投资于人的重要性和紧迫性日益凸显。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。我国经济长期依靠要 素驱动、投资拉动，投资于物回报率近年来已经有所下降。在全球产业竞争已从"资本密集"转向"人才 密集"大趋势下，要推动我国经济增长动力机制转换，实现创新驱动、需求拉动，亟须加大对人的投 资，推动人力资本积累，形成"人力资本红利"。只有这样，才能构筑经济长期发展竞争力，才能在新一 轮科技革命和产业变革中赢得战略主动。此外，相较于物质资本投入而言，我国一直以来对民生和人的 全面发展相关领域投入不足，加大对教育、医疗 ...

Group 1 - The core idea of the article emphasizes the importance of "investing in people" as a key focus in China's 14th Five-Year Plan, highlighting the need to combine investments in material and human capital to enhance people's livelihoods and promote consumption [1][3][4] - Fixed asset investment in China has reached 50 trillion yuan, with a shift from physical capital to human capital investment being deemed necessary due to declining returns on traditional investments [3][4] - The article outlines specific measures to enhance human capital, including improving population quality through education and healthcare investments, and implementing supportive policies for population growth [3][4][6] Group 2 - The article discusses the strategic emphasis on "investing in material" to layout future industries, with a focus on emerging sectors such as new energy, aerospace, and advanced manufacturing, which are expected to create trillion-yuan markets [5][6] - It highlights the role of technological innovation in driving new industries and enhancing productivity, with a call for deeper integration of technology and industry to support high-quality development [6][7] - The article notes that while fixed asset investment growth has slowed, there is a trend towards optimizing the industrial structure, with significant growth in high-tech sectors [7][8] Group 3 - Effective investment is defined as directing funds towards areas with positive returns and consumer willingness, with a focus on enhancing living standards and fostering new industries [8] - The relationship between central and local government investments is discussed, emphasizing the need for government investments to create a conducive environment for private sector participation and enhance overall investment effectiveness [8]

Core Insights - The "14th Five-Year Plan" emphasizes the integration of investments in both material and human resources to enhance domestic circulation and reliability [1][2]. Group 1: Investment Focus - The plan distinguishes between "investment in material," such as infrastructure, and "investment in people," which focuses on human development and welfare [2]. - "Investment in people" aims to optimize resource allocation by directing more public funds towards education, employment, healthcare, and social security, thereby driving high-quality economic development through human capital enhancement and consumption potential release [2][3]. Group 2: Resource Optimization - Both "investment in material" and "investment in people" are essential for optimizing resource allocation and expanding domestic demand, addressing the need for comprehensive human development and societal progress [3]. - The plan advocates for a balanced approach, maintaining reasonable investment in infrastructure while increasing funding for education and healthcare [3].

Core Viewpoint - The Central Committee's press conference on October 24 emphasized the importance of combining "benefiting people's livelihoods and promoting consumption" with "investing in goods and investing in people" during the 14th Five-Year Plan period [1] Group 1 - The 20th Central Committee's Fourth Plenary Session report highlights that expanding domestic demand and investing in people are two sides of the same coin, both being critically important [1]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes the construction of a strong domestic market and the acceleration of a new development pattern, focusing on expanding domestic demand and enhancing the interaction between consumption and investment [1][3]. Group 1: Strong Domestic Market - The market is identified as a scarce resource, with China's large-scale market being a significant advantage. The resilience of the domestic market is highlighted in the face of complex external environments, with domestic demand contributing an average of 86.8% to economic growth from 2021 to 2024 [3]. - The emphasis on expanding domestic demand is seen as a strategic foundation for establishing a new development pattern that promotes both domestic and international circulation [3]. - The document stresses the importance of the domestic market, which covers over 1.4 billion people, aiming to enhance China's role as a significant consumer market globally [3][4]. Group 2: Investment in Goods and People - The 2025 Government Work Report advocates for increased investment in human capital and services to improve livelihoods, support employment, and stimulate consumption, creating a virtuous cycle of economic development and social improvement [5]. - The combination of investment in tangible assets and human capital is emphasized as essential for sustainable growth, with a call for a balanced approach to enhance skills and participation in the economic cycle [6]. - The need for policies that support human capital investment is highlighted, covering areas such as healthcare, education, and social security, in response to the demands of the new industrial and technological revolution [5][6].

记者丨周慧 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。 全会提出，建设强大国内市场，加快构建新发展格局。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。要大力提振消费，扩大有效投资，坚决破除阻碍全国统一大市场建设卡点堵点。 21世纪经济报道记者就此采访了商务部研究院、北京大学经济学院等专家进行解读。 图：2025年初，沈阳棋盘山滑雪场游客扎堆 拍摄：周慧 商务部研究院研究员白明表示，公报提出坚持扩大内需的这个战略基点，将坚持扩大内需提到了重要的位置，只有夯实了这个 基点，中国才能得以构建以国内大循环为主体、国内国际双循环相互促进的新发展格局，这是具有长远眼光的宏观战略。从发 展格局来看，中国双循环并重，有了这个基点做支撑，中国在外循环上才能占据主动和更自信。 商务部研究院研究员周密表示，公报将建设强大国内市场提到了很重要的位置，强调了国内市场的重要性，中国市场覆盖14亿 多人口，市场规模和潜力是非常大的，这个目标是希望能够对全球 ...

Core Insights - The core message emphasizes the importance of "investing in people" as a means to enhance overall societal development and well-being, aligning with the government's focus on prioritizing human-centered investments [1][2][3] Group 1: Investment in People's Development - The government has allocated over 70% of public budget expenditures to the livelihood sector since the start of the 14th Five-Year Plan, reflecting a commitment to improving citizens' lives [1] - "Investing in people" aims to promote comprehensive human development through increased funding in education, healthcare, skills training, and social security, thereby enhancing national quality and development capabilities [2] Group 2: Urgency for Increased Investment - Despite high levels of current investment in livelihoods, there is an increasing urgency to enhance "investment in people" due to demographic changes such as aging population and declining birth rates, which raise demands for pension and healthcare services [3] - The shift in economic development from investment and exports to domestic demand and innovation necessitates increased livelihood investments to stabilize employment, raise income, and strengthen social security, ultimately boosting consumption [3] Group 3: Addressing Social Inequality - There are significant disparities in public services across regions, urban-rural divides, and among different social groups, highlighting the need for targeted resource allocation to underdeveloped areas and vulnerable populations to promote social equity [4] - Future investments in livelihoods should not only increase in volume but also improve precision, effectiveness, and sustainability, focusing on creating a comprehensive service system that addresses the needs of the elderly and children [4]

从社会结构变迁看，人口老龄化加深与"少子化"趋势并存，对养老保障和医疗服务提出更高要求。城镇 化进程持续推进，新市民、青年人在住房、教育、就业等方面的需求日益凸显。原有的民生保障网有待 进一步织密筑牢，防止出现新的短板。同时，随着居民收入水平提高，人们对教育、医疗、养老等服务 的期待已从"有没有"转向"好不好"，公共服务体系面临提质扩容的新挑战。 当前，尽管民生投入已保持在较高水平，但加大"投资于人"力度的紧迫性不降反增。"投资于人"是一个 慢变量，但也是回报期更长的投资。今天在"人"身上的投入，终将转化为明天发展更深厚的底气、更持 久的动力。 国新办发布会近日公布的一组数据引人注目："十四五"以来，全国一般公共预算支出中，民生领域财政 投入占70%以上。更多资金更直接地惠及百姓生活，这不仅是"坚持以人民为中心"发展思想的生动体 现，也与今年《政府工作报告》提出的推动更多资金资源"投资于人"、服务于民生的部署紧密呼应。 过去我们谈投资，往往聚焦于有形的物质资本，如基础设施、工业项目。这类"投资于物"的方式见效 快、看得见——修一条路就能盘活一个地区，建一个工厂就能解决大量人口就业。然而，随着中国经济 步入高质 ...

要让人在财富的创造中发挥更重要的作用，需要我们更有效地"投资于人"，以一种更长远而非短期功利的心态"投资于人"。 拿教育来说，从巩固普惠性学前教育到推动义务教育优质均衡发展，再到高等教育改革和终身教育机制建设，我们需要培养更多高素质、高技能的人 才，以适应新的就业形势。这种"高"不仅仅是指学历上的高，也不是单指持有多高级别的资质证书，而是技能的多元和精深。每个人有着不同的性格禀 赋，这些禀赋在锻炼和培训后，能够胜任不同岗位、满足不同市场需求。这也意味着，我们需要通过各种劳动技能培训，让更多人有机会发挥自己的一 技之长。 个人能力的充分发挥也需要一个更加丰富多元的市场。从个体角度来说，这种丰富和多元来自人们千差万别的兴趣爱好。这些不同的兴趣爱好既创造了 不同的市场需求，也为具有不同性格和才能的人提供了发挥的空间——他们可能正是需求的提供者。 我们应该清楚地认识到人在财富增长中的重要性，要让人在财 富的创造中发挥更重要的作用，更要让财富的增值服务于占据 大多数的普通人。这将带来更具包容性的长期增长。 作者： 社论 封图：图虫创意 刚刚过去的国庆中秋双节创出了新高：总计8.88亿人次出游，总花费超过8000亿元。为 ...

（原标题：经观社论｜"投资于人"必先尊重人） 刚刚过去的国庆中秋双节创出了新高：总计8.88亿人次出游，总花费超过8000亿元。为了迎接海量游 客，各地政府也拿出了最大的诚意。江苏、湖北、辽宁等多省一把手走上街头，来到古城墙、小吃街、 文创店，为当地旅游业站台。 基于此，我们应该清楚地认识到人在财富增长中的重要性，要让人在财富的创造中发挥更重要的作用， 更要让财富的增值服务于占据大多数的普通人。这将带来更具包容性的长期增长。 要让人在财富的创造中发挥更重要的作用，需要我们更有效地"投资于人"，以一种更长远而非短期功利 的心态"投资于人"。 拿教育来说，从巩固普惠性学前教育到推动义务教育优质均衡发展，再到高等教育改革和终身教育机制 建设，我们需要培养更多高素质、高技能的人才，以适应新的就业形势。这种"高"不仅仅是指学历上的 高，也不是单指持有多高级别的资质证书，而是技能的多元和精深。每个人有着不同的性格禀赋，这些 禀赋在锻炼和培训后，能够胜任不同岗位、满足不同市场需求。这也意味着，我们需要通过各种劳动技 能培训，让更多人有机会发挥自己的一技之长。 个人能力的充分发挥也需要一个更加丰富多元的市场。从个体角度来说， ...