Core Viewpoint - The article emphasizes the effectiveness of proactive fiscal policies in 2025, which have supported major national strategies, expanded domestic demand, stabilized growth, and improved people's livelihoods. It anticipates continued expansionary fiscal policies in 2026, focusing on both material and human investments [1][2]. Group 1: Fiscal Policy Effectiveness - In 2025, proactive fiscal policies significantly supported major national strategies, with 800 billion yuan allocated for "two重" construction and 1,880 billion yuan for equipment upgrades, leading to a 10.7% year-on-year increase in machinery and equipment purchases from January to November [1]. - Increased spending in the livelihood sector was noted, with sales in supported retail sectors growing by 26.5% and 20.3% year-on-year, respectively, from January to November [1]. - Over 70% of national fiscal spending since the start of the "14th Five-Year Plan" has been directed towards improving people's livelihoods, according to the Minister of Finance [1]. Group 2: Investment in People and Material - Fiscal policies in 2025 met expectations in material investments, while policies aimed at human investments, such as childcare subsidies and free preschool education, contributed to high-quality population development [2]. - The combination of material and human investments is seen as essential for high-quality development and improving residents' living standards, creating a virtuous cycle of new demand and supply [2]. Group 3: Future Policy Directions - The Ministry of Finance plans to optimize spending structures and enhance financial support for major national strategies, focusing on increasing funding for human investments and expanding domestic demand [3][4]. - Policies supporting "two重" and "two新" will continue, with an emphasis on utilizing government bond funds and increasing central budget investments to stabilize and boost investment [5]. - Experts suggest that optimizing project reserves and expanding the fiscal "toolbox" will enhance the effectiveness of material investment policies [5][6].

Core Insights - The article discusses the challenges faced by a hotel operator in a newly developed area of a fourth-tier city, highlighting labor shortages and high living costs as significant issues [1][2][3] Group 1: Labor Market Dynamics - The hotel operator struggles to find temporary workers for events due to high demand in the region and a limited local population [1] - Many workers in the area have a strong "working mentality" and lack a sense of belonging, leading to high turnover rates, especially after the Spring Festival [2] - The hotel operator offers higher wages than surrounding areas and has invested in employee accommodations, yet retention remains a challenge due to the high cost of living [2] Group 2: Economic and Housing Conditions - The area is characterized by high housing prices, with costs reaching 15,000 to 20,000 yuan per square meter, significantly higher than nearby counties [1] - The local economy is heavily reliant on real estate, which has attracted speculative buyers, but this has led to a lack of vitality as housing prices remain high and educational opportunities become more equalized [3] - Nearby counties offer significantly lower housing prices and rental costs, making them more attractive for workers seeking affordable living conditions [3] Group 3: Policy and Planning Issues - There is a disconnect between local governments regarding housing policies, leading to high living costs and a lack of affordable housing for workers [4] - Despite the need for affordable housing solutions, local governments focus on industrial parks and subsidies rather than addressing the immediate needs of the workforce [4] - The article emphasizes the importance of investing in people rather than just infrastructure to ensure long-term economic viability and attract talent [4]

Core Viewpoint - The article emphasizes the concept of "investment in people" as a transformative development ideology that prioritizes human resources as a crucial form of capital, aiming to enhance individual capabilities and improve overall societal value, thereby supporting China's modernization efforts [2]. Summary by Sections Definition and Relationship of "Investment in People" - "Investment in people" refers to allocating more fiscal resources towards education, employment, healthcare, and social security, focusing on enhancing individual capabilities and driving high-quality economic development through human capital [3]. - It contrasts with "investment in material," highlighting a shift from a purely material-focused investment approach to one that recognizes the importance of human development [3]. Economic Growth and Investment Strategies - Traditional economic growth has focused on expanding production capacity, with "investment in material" being favored due to its quicker returns and easier cost-benefit analysis [4]. - However, overemphasis on material investment has led to structural imbalances in supply and demand, with a significant decline in the return on investment in material from 2008 to 2023, indicating a need for a shift towards human-centered investment strategies [4]. Pursuit of Quality of Life - The pursuit of a better life encompasses not only diverse and high-quality consumption but also broader social and individual development goals [5]. - "Investment in people" is positioned as a practical application of the goal to meet the growing needs of the populace, emphasizing the integration of material and human investments [5]. Implications for Domestic Demand and Supply Structure - The article discusses the necessity of improving the interaction between consumption and investment to address domestic demand issues, with a focus on optimizing investment directions to better align with changing consumer needs [6][7]. - It highlights that people are the core of consumption and production, and "investment in people" aims to enhance human capabilities and foster sustainable economic growth [7]. Comprehensive Development and Policy Considerations - "Investment in people" should transcend short-term economic logic, addressing broader human needs, including cultural and spiritual dimensions [8]. - The article advocates for a holistic approach to investment that includes education, healthcare, and environmental considerations, aiming for a sustainable and equitable development model [9][10]. Long-term Goals and Systematic Advantages - The long-term objective of "investment in people" is to achieve comprehensive human development, distinguishing it from other countries' approaches that may reduce human value to mere economic tools [12][13]. - China's unique institutional advantages, such as a people-centered approach and systematic planning, are highlighted as key factors in successfully implementing "investment in people" strategies [13][14]. Future Directions and Implementation Strategies - The article suggests focusing on key areas such as income distribution, public services, and education to effectively "invest in people," while balancing market forces and government roles [17]. - It emphasizes the importance of a long-term perspective in evaluating the effectiveness of such investments, advocating for a comprehensive assessment framework that aligns with the overarching goals of human and societal development [11][15].

在12月10日至11日召开的中央经济工作会议上，"人"被摆在了重要位置。会议将"坚持投资于物和投资于人紧密结合"列为五个"新的认识和体 会"之一。 "坚持投资于物和投资于人紧密结合"，是对我国投资理念、方向、重点的提升和优化，对于增强发展动能、扩大国内需求、促进人的全面发展意 义重大。 为何要投资于人？ 从2025年政府工作报告首次提出"投资于人"理念，到"十五五"规划建议提出"坚持惠民生和促消费、投资于物与投资于人紧密结合"，再到今年中 央经济工作会议强调"必须坚持投资于物和投资于人紧密结合"，我国的宏观政策更加注重民生导向，人力资本所发挥的作用不断受到重视。 过去数十年间，对于"物"的投资构筑了我国经济的硬实力。目前，我国固定资产投资年度规模已达到50万亿元。 北京大学经济学院教授、国民经济研究中心主任苏剑在接受《中国报道》记者采访时指出，随着传统物质资本投入的增长红利逐步减弱，部分领 域甚至出现过度竞争与边际收益下滑，这使得完全依赖传统基建与产能扩张的发展路径难以为继。 "相反，投资于人是一个充满潜力的战略方向，因为对人力资源的投入能够有效激发创新活力、开拓更广阔的发展空间，并产生更可持续的长期回 报。 ...

明年经济工作要怎么干？对咱普通人到底有啥影响？12月10日至11日，中央经济工作会议在北 京召开。要想知道明年中国经济工作怎么干？今天我们就来逐条解读这次会议的重点！ 总体来看，今年会议在分析经济形势的时候， 突出强调了"供给强而需求偏弱"的问题，因 此"扩大内需"是明年经济工作的最高优先级 ！而内需又直接和咱们普通人的生活息息相关， 所以明年的民生政策值得期待！ 做好扩大内需这件事，我们可以看到，中国经济的内在增长逻辑正在发生本质的变化。具体来 说就是"投资于人"和"投资于物"相结合！大家都知道，过去一段时间，中国经济的增长中，投 资是主力，比如各种基础设施建设。本次会议 将"投资于人"与"投资于物"放在一起 ，意味着 未来增长要更加有质量，有效率。 什么是"投资于人"呢？就是要从那些能提升居民幸福感和获得感的方向入手。首先，本次会议 提出要"制定实施城乡居民增收计划"！这可是影响咱们切身利益的大事！要扩大内需，提振消 费，手里没有钱可不行。千招万招，增加收入才是"好招"！实施城乡居民增收计划，目标就是 要让咱们"有收入、有预期"，从而"敢消费、愿消费"。 那么"投资于物"又要怎么干呢？简单来说，就是转向两 ...

什么是"投资于人"呢？就是要从那些能提升居民幸福感和获得感的方向入手。首先，本次会议提出 要"制定实施城乡居民增收计划"！这可是影响咱们切身利益的大事！要扩大内需，提振消费，手里没有 钱可不行。千招万招，增加收入才是"好招"！实施城乡居民增收计划，目标就是要让咱们"有收入、有 预期"，从而"敢消费、愿消费"。 那么"投资于物"又要怎么干呢？简单来说，就是转向两类精准投入。一是建设三大国际创新中心，推 动"人工智能+"，这些投资可不只是为了短期拉动经济，而是为了提升咱们国家科技产业的竞争力。二 是城市更新改造，城市更新和过去的大规模基建可完全不同，它更注重改善公共服务、优化存量空间、 提升城市生活品质，是未来咱们国家落实好投资于人和投资于物相结合的重点发力领域！ 其次，本次会议提出，要延续实施并优化"两新"政策。那么什么是"两新"政策呢？简单来说，就是新一 轮大规模设备更新和消费品以旧换新。明年"两新"政策还将持续扩大范围，支持的产品会越来越多，能 够享受到的居民也会越来越多。 第三，本次会议把稳就业作为重要目标，还提出要稳定高校毕业生、农民工等重点群体就业。咱们都知 道，就业是民生之本，只有稳住就业，才能稳住 ...

"相反，投资于人成为一个极具潜力的战略方向。"苏剑认为，在人力方面的投入永远不会亏损，因为人 具有创造力，能够通过创新开辟更多发展机遇，并带来更高回报。 中国新闻网消息，"必须坚持投资于物和投资于人紧密结合""坚持民生为大，努力为人民群众多办实 事"。 中央经济工作会议部署2026年经济工作，人被放在重要位置。 这与"十五五"规划建议中"坚持惠民生和促消费、投资于物和投资于人紧密结合"的表述相呼应，释放出 更多财政资金和公共资源将投向人的政策信号。 南京路步行街上行人络绎不绝。 国家发改委投资研究所副所长盛磊向三里河表示，会议强调"坚持投资于物和投资于人紧密结合"，体现 了以人民为中心的发展思想。人民不断增长的美好生活需要，是投资的底层逻辑和最大潜力。 从投资于物的效益来看，当前中国固定资产投资年度规模已达50万亿元。北京大学经济学院教授、国民 经济研究中心主任苏剑接受三里河采访时表示，中国发展进入新阶段，投资于物的投资收益率已呈现逐 渐下降的趋势。 民生为大，投资于人。这不仅带来人力资本增值和人口素质提升，也是拉动消费、激发经济内生动力的 重要源泉。 制定实施城乡居民增收计划。实施稳岗扩容提质行动，稳定高校 ...

12月10日至11日，中央经济工作会议在北京举行。 | IEV | かすヽ 原力心 M 天 1 × 山 | MAX ATT 次 / / x | | --- | --- | --- | | EX | 总量,加强财政科学管理, | 给力。 | | 策 | 优化财政支出结构,规范 | | | | 税收优惠、财政补贴政策。 | | | | 要继续实施适度宽松的货 | 要实施适度宽松的货币政 | | | 币政策。把促进经济稳定 | 策。发挥好货币政策工具 | | | 增长、物价合理回升作为 | 总量和结构双重功能,适 | | | 货币政策的重要考量,灵 | 时降准降息,保持流动性 | | ਜ | 活高效运用降准降息等多 | 充裕,使社会融资规模、货 | | 政 | 种政策工具,保持流动性 | 币供应量增长同经济增 | | 策 | 充裕,畅通货币政策传导 | 长、价格总水平预期目标 | | | 机制,引导金融机构加力 | 相匹配。 | | | 支持扩大内需、科技创新、 | | | | 中小微企业等重点领域。 | | | | 坚持内需主导,建设强大 | 实施提振消费专项行动, | | 消 | 国内市场。深入实施提振 | 推 ...

Core Viewpoint - "Investment in people" is a crucial aspect of China's development strategy, emphasizing the allocation of resources towards education, healthcare, and social welfare to enhance human capital and drive high-quality economic growth [1][3][11]. Summary by Sections Investment in People vs. Investment in Material - "Investment in people" refers to directing more fiscal resources towards areas that enhance individual capabilities and welfare, contrasting with "investment in material," which focuses on physical assets and infrastructure [1][2]. - The return on "investment in material" has significantly decreased from 2008 to 2023, indicating a need for a shift towards human-centered investments [2][3]. Economic Growth and Domestic Demand - China's domestic consumption accounts for approximately 39% of GDP, while capital formation is around 41%, highlighting a need for improved interaction between consumption and investment [4][5]. - "Investment in people" aims to address the mismatch in domestic supply and demand, enhancing the quality of life and driving economic growth [5][6]. Areas of Focus for Investment in People - Key areas for "investment in people" include education, healthcare, cultural services, and environmental improvements, which are essential for enhancing overall human development [7][8]. - The shift towards "investment in people" also encompasses the need for a modern industrial system and technological self-reliance to support high-quality development [8][11]. Measuring Investment Effectiveness - Unlike "investment in material," which has clear metrics for evaluation, the effectiveness of "investment in people" requires a broader, more qualitative assessment that considers social and economic dimensions [9][10]. - A comprehensive evaluation framework is necessary to assess the long-term impacts of "investment in people" on societal development [10][12]. Unique Characteristics of China's Investment in People - China's approach to "investment in people" transcends mere welfare considerations, focusing on enhancing human capabilities and addressing systemic issues in various sectors [11][12]. - The emphasis on human-centered development reflects a commitment to improving both material and spiritual well-being, distinguishing China's strategy from other countries [12][13]. Long-term Considerations and Implementation - "Investment in people" should be integrated into the broader context of China's modernization efforts, addressing both immediate challenges and long-term goals [14][15]. - Effective implementation requires a balance between market forces and government intervention to foster a conducive environment for human development [16].

Group 1: Investment in Physical Capital - China's capital stock reached approximately $93 trillion in 2024, accounting for about 503% of GDP[29] - The average growth rate of capital stock from 1961 to 1993 was about 5.2%, while from 1994 to 2016 it was approximately 10.8%, and is projected to decline to 5.8% by 2024[29] - In 2024, the total capital formation in China is estimated to be around 54.8 trillion yuan, contributing approximately 25.2% to GDP growth[2] Group 2: Investment in Human Capital - Investment in human capital focuses on enhancing capabilities across the entire population, including education, healthcare, and skills training[47] - The proportion of public spending on social welfare in China was 53.7% in 2023, compared to 60%-70% in developed countries, indicating significant room for improvement[6] - The government aims to increase the share of public investment in social welfare during the "14th Five-Year Plan" period, particularly in areas like education and healthcare[44] Group 3: Economic and Social Development - The urbanization rate in China is expected to reach 70% within five years, with a projected rate of about 67% in 2024, driving infrastructure and public service improvements[42] - The report emphasizes the need for a balanced approach between investment in physical and human capital to foster sustainable economic growth[1] - The government plans to enhance public services in nine key areas, including education, healthcare, and social security, to ensure equitable access for all citizens[52]