Core Insights - The article discusses China's economic outlook and key macro themes for the upcoming "15th Five-Year Plan" (2026-2030), highlighting the importance of nominal GDP growth and various strategic focuses for sustainable economic development [5][6]. Group 1: Economic Growth Targets - China is expected to achieve most of the goals set in the "14th Five-Year Plan" by the end of 2025, with an implicit GDP growth target of 5.0-5.5% for the current plan and a potential slight reduction to 4.5-5.0% for the upcoming plan [5][6]. - The nominal GDP growth is crucial for achieving long-term goals, including raising per capita GDP to $14,000 by 2025 and doubling the actual GDP size compared to 2020 [5][6]. Group 2: High-Quality Growth and Innovation - The focus on "high-quality growth" and "new productivity" driven by innovation and total factor productivity growth is expected to be a primary task for the next decade [7]. - R&D spending is projected to grow at a compound annual growth rate exceeding 7%, increasing its share of GDP from 2.7% in 2024 to 3.2% by 2030 [7]. Group 3: Consumption and Domestic Demand - The "15th Five-Year Plan" is anticipated to place greater emphasis on boosting consumption to achieve more sustainable and balanced economic growth [8]. - Potential measures include increasing household income, enhancing social security systems, and improving the quality of consumption, with a goal to raise consumption's share of GDP from 56.6% in 2024 to 58-60% by 2030 [8]. Group 4: Social Investment and Welfare - The government is expected to reiterate the theme of "investing in people," focusing on new urbanization, vocational training, and increased fiscal spending on education, healthcare, and social security [9]. Group 5: Market Integration and Anti-Competition Measures - The new plan may enhance policies against "involution" and promote the establishment of a "national unified market," aiming to curb disorderly local government investments and stimulate local consumption [10]. Group 6: Opening Up and Global Integration - The "15th Five-Year Plan" is likely to further open up the service sector to foreign investment, particularly in telecommunications, healthcare, and finance [11]. - There will be increased policy support for Chinese companies to expand globally, especially in competitive emerging industries like new energy vehicles and e-commerce [11]. Group 7: Carbon Emission Reduction Goals - The new plan may set ambitious carbon emission reduction targets, aiming for a 24% decrease in carbon emissions per unit of GDP from 2026 to 2030 [12]. - It is expected to establish a target for non-fossil energy to account for 25% of total energy consumption by 2030, up from approximately 20% in 2024 [12]. Group 8: Fiscal and Tax Reforms - The government is likely to accelerate fiscal reforms, including the introduction of more direct taxes and adjustments to the distribution of tax revenues between central and local governments [13][14]. - Proposed reforms may include shifting consumption tax collection from production to consumption and creating a new "local additional tax" to allow local governments to set their own rates [14].

Core Perspective - The "14th Five-Year Plan" emphasizes the importance of people's livelihoods, with a clear focus on improving the well-being of citizens through various initiatives and projects [1][2]. Group 1: Financial Commitment to Livelihood - Over the "14th Five-Year" period, fiscal investment in the livelihood sector accounted for over 70% of the national general public budget expenditure, totaling nearly 10 trillion yuan [2]. - Specific allocations include 2.05 trillion yuan for education, 1.96 trillion yuan for social security and employment, 1.06 trillion yuan for health care, and 400 billion yuan for housing security [2]. Group 2: Social Policies and Support Systems - The plan includes the establishment of a layered and categorized social assistance system to enhance support for vulnerable groups, ensuring timely help for those in need [4]. - Policies aim to improve the low-income guarantee system and transition to a comprehensive assistance model that combines material support with services [4]. Group 3: Achievements in Livelihood Improvement - Significant progress has been made in areas such as cross-province medical settlement, education, and housing, with approximately 7.8 million affordable housing units under construction from 2021 to 2024 [3]. - Employment strategies have effectively targeted key groups like college graduates and migrant workers, helping them secure jobs [3]. Group 4: Addressing Urban-Rural Disparities - Initiatives have been implemented to bridge the urban-rural development gap, providing rural children with nutritional support and ensuring access to quality education [5]. - The tangible improvements in rural areas reflect a commitment to shared development and enhancing the quality of life for all citizens [5]. Group 5: Ongoing Challenges and Future Directions - Despite progress, there remain unresolved issues in the livelihood sector that require continuous attention and innovative solutions [6]. - The focus for the upcoming "15th Five-Year Plan" will be on maintaining a people-centered approach, ensuring that the needs and aspirations of the populace are prioritized [6].

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]

Core Insights - The urgency to increase "investment in people" is growing despite already high levels of social spending, as this type of investment is seen as a long-term strategy for sustainable development [2][4][5] - The government has allocated over 70% of the general public budget expenditure to social welfare since the start of the 14th Five-Year Plan, reflecting a commitment to prioritize human-centered development [2][4] - The shift from material capital investment to human capital investment is essential for achieving high-quality economic growth, as innovation and technological advancement ultimately rely on human resources [2][3] Investment in Human Capital - "Investment in people" focuses on promoting comprehensive human development through increased funding in education, healthcare, skills training, and social security, enhancing national quality and development capabilities [3][5] - Addressing residents' concerns is crucial, as social investments must translate into tangible improvements in education, healthcare, elderly care, social security, and housing to foster social vitality [3][4] Social and Economic Context - The deepening of population aging and the trend of "low birth rates" raise higher demands for pension and healthcare services, while urbanization continues to highlight the needs of new citizens and youth in housing, education, and employment [4][5] - The transition of China's economic development model from reliance on investment and exports to a focus on domestic demand and innovation is supported by social investments that stabilize employment and enhance consumer spending [4][5] Addressing Inequality - The persistent issues of unbalanced development and inadequate public services across regions, urban-rural divides, and different social groups necessitate targeted resource allocation to underdeveloped areas and vulnerable populations [4][5] - Optimizing the structure of social investments is the most direct and effective way to reduce disparities and promote social equity [4][5] Future Directions - Future social investments should not only increase in volume but also improve in precision, effectiveness, and sustainability, focusing on creating a comprehensive service system that addresses the needs of all life stages [5] - Enhancing human capital investment is vital for economic transformation, with an emphasis on vocational training and lifelong learning to equip workers for technological changes [5] - Addressing social welfare gaps by directing resources towards rural areas, underdeveloped regions, and disadvantaged groups will alleviate burdens in housing, education, and healthcare [5]

Core Viewpoint - The urgency to increase "investment in people" is growing, despite high levels of current social spending, as it is essential for long-term economic stability and growth [1][3]. Group 1: Investment in People - "Investment in people" focuses on promoting comprehensive human development through increased funding in education, healthcare, skills training, and social security [2][4]. - The goal is to enhance national quality and development capabilities, allowing individuals to realize their potential on a broader stage [2]. Group 2: Social Structure Changes - The deepening of population aging and the trend of "low birth rates" raise higher demands for pension and healthcare services [3]. - Urbanization continues to advance, highlighting the needs of new citizens and youth in housing, education, and employment [3]. Group 3: Economic Development Transition - China's economy is shifting from reliance on investment and exports to a focus on domestic demand and innovation [3]. - Increased social spending can stabilize employment, raise income levels, and strengthen social security, thereby enhancing consumer capacity and willingness [3]. Group 4: Promoting Social Equity - There are still significant disparities in public services across regions, urban-rural areas, and different demographic groups [4]. - Optimizing the structure of social spending to target underdeveloped areas and vulnerable groups is crucial for reducing development gaps and promoting social equity [4]. Group 5: Future Directions - Future social spending should not only increase in volume but also improve in precision, effectiveness, and sustainability [4]. - Key areas include upgrading public services, deepening human capital investment, and addressing social service shortfalls in rural and underdeveloped regions [4].

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， ...

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"。 经观评论 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。 地方政府的热情可以理解。与动辄上百亿元投资的传统大型基建项目和工业项目相比，文旅在规模上似乎并不占优势，但文旅的优势在于其具有的普惠性。 文旅支出大部分不会流向机器、钢筋和水泥，而是会源源不断地流向拥有各类技能和才能的普通人。他们可能是街头小店的经营者、夜市烤串的师傅，也可 能是在古建筑群中穿着汉服表演的演员。 对当下背负着债务压力和就业压力的地方政府而言，文旅所代表的经济发展动能尤为宝贵。 过去二十多年，"投资于物"是中国经济发展的重要模式，这种模式以基建和制造业投资为引擎，支撑了中国经济的高速发展，并形成了中 ...

Group 1 - The core viewpoint emphasizes the importance of employment as a fundamental aspect of people's livelihoods, highlighting that during the "14th Five-Year Plan" period, China's employment situation has remained generally stable, with over 12 million new urban jobs created annually, supporting both livelihood improvement and economic development [1] - A series of employment support policies have been implemented, with cumulative employment subsidy expenditures exceeding 470 billion yuan and stable job retention funds amounting to 138.9 billion yuan, establishing a national unified employment information resource database and public service platform [1] - The government has focused on promoting high-quality and sufficient employment while advancing social security system reforms, including nationwide coordination of basic pension insurance for employees and provincial-level coordination of unemployment and work injury insurance [1] Group 2 - The article notes that after years of effort, a system has been established that provides ample employment opportunities, fair employment environments, optimized employment structures, efficient job matching, and harmonious labor relations, although external changes and domestic economic transitions pose challenges [2] - To address structural employment contradictions, such as the mismatch between available jobs and job seekers, targeted policies and employment service activities are necessary, including promoting collaboration between industry and education [2] - The need to strengthen the employment priority policy system and optimize the economic and social development environment is emphasized, with a focus on industrial upgrading and the development of advanced manufacturing clusters and emerging industries to create high-quality jobs [3]

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China to achieve socialist modernization, focusing on qualitative improvement and quantitative growth, with the ultimate goal of comprehensive human development and common prosperity for all [4][6]. Group 1: Economic Development - The "14th Five-Year Plan" serves different developmental needs across its phases, transitioning from industrial foundation to high-quality development in response to new internal and external conditions [5]. - The primary task of the "14th Five-Year Plan" is to achieve qualitative enhancement and quantitative growth, with a short-term economic growth target set between 4.5% and 5% [6]. Group 2: Key Themes of the Plan - The plan revolves around three main themes: technology, domestic demand, and security [4][7]. - Technology will focus on developing new productive forces, accelerating reforms to support new production relationships, and fostering strategic emerging industries [7]. - Domestic demand will address current economic challenges by reforming the fiscal and tax system, increasing investment in people's livelihoods, and creating a unified national market [8]. - Security will ensure the stability of food, energy, and critical supply chains, forming a solid foundation for development [8]. Group 3: Investment in Human Capital - The concept of "investing in people" will expand to include systematic arrangements that support domestic demand and address demographic changes, with a focus on education, healthcare, and elderly care [8].