第一，长期以来投资于物对我国经济持续快速发展发挥了重要作用。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，可以为经济社会发展夯实物质技术基础。从一般发展规律 看，投资于物往往是一国在发展前期首先要着力做的。多年来，我国通过持续投资于物，实物资本得到 有效积累，生产和供给能力不断增强，社会生产力水平持续提高，有效推动了技术进步和产业发展，有 力支撑了新型工业化、信息化、城镇化、农业现代化同步发展。同时，对物的投资是总需求的重要组成 部分，拉动了经济增长，创造了大量就业，带动了居民财富积累和消费能力提升，并且与民生相关 的"物"的投资还直接提高公共服务水平，保障和改善了民生。此外，近年来对粮食储备、能源基地、应 急物资、产业备份等的投资，增强了我国经济抗风险能力和发展韧性。 来源：新华网 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 ...

Group 1 - The core viewpoint emphasizes the integration of investment in physical assets and human capital as a means to enhance development momentum, expand domestic demand, and promote comprehensive human development [1] - Investment in physical assets has played a crucial role in China's rapid economic growth, contributing to the accumulation of physical capital, enhancement of production capacity, and improvement of public service levels [1][2] - There is significant potential for further investment in physical assets, particularly in key industries and technological advancements, as China's per capita capital stock remains low compared to developed countries [2] Group 2 - The importance and urgency of investing in human capital are increasingly recognized, as the economy shifts from capital-intensive to talent-intensive growth, necessitating greater investment in education, healthcare, and skills training [3] - Enhancing the income distribution system and promoting equal access to basic public services are essential for improving human capital investment and ensuring a high-quality life for all citizens [4] - Establishing a long-term mechanism for human capital investment, including optimizing fiscal responsibilities and encouraging various stakeholders to invest in human development, is critical for sustainable economic growth [4]

Core Viewpoint - "Investment in people" is a specific embodiment of the people-centered development philosophy, reflecting a necessary requirement for China's economic and social development at a certain stage, and is an active choice for long-term planning [2][3] Group 1: Definition and Relationship - "Investment in people" refers to allocating more fiscal funds and public resources to areas such as education, employment, healthcare, and social security, focusing on enhancing human capabilities and driving high-quality economic development through human capital [2][3] - It contrasts with "investment in material," emphasizing a new development direction that corrects past investment models and capacity expansion approaches [2][3] Group 2: Economic Context - Economic growth has traditionally focused on capacity expansion, with "investment in material" being the preferred strategy due to its quicker returns and easier cost-benefit analysis [3] - From 2008 to 2023, China's incremental capital-output ratio increased from 2.84 to 9.44, indicating that more capital is required to generate the same GDP growth, highlighting the diminishing returns of material investment [3][6] Group 3: Social Needs and Development - The pursuit of a better life by the people encompasses not only diverse and high-quality consumption needs but also broader social development goals [4][6] - "Investment in people" aims to meet these needs and is not a rejection of "investment in material," but rather seeks a close integration and positive interaction between the two [4][6] Group 4: Policy Implications - The emphasis on "investment in people" is a necessary requirement for China's economic and social development, particularly in the context of the 14th Five-Year Plan, which aims to guide investment direction and optimize investment structure [6][7] - The current domestic demand issue is partly due to insufficient consumer demand and the need for a better interaction between consumption and investment [7] Group 5: Areas of Focus - Key areas for "investment in people" include education, training, employment, and the development of human resources, which are essential for enhancing human capital and professional skills [10][11] - Investment should also extend to creating a favorable ecological environment and meeting the spiritual and cultural needs of the population [10][11] Group 6: Long-term Vision - "Investment in people" is fundamentally about enhancing the quality of life and civilization, which is closely linked to the development of social productivity [15][16] - The approach should be integrated into the broader context of Chinese-style modernization, focusing on human development as a primary goal [16][17]

央视网消息（焦点访谈）：今天（11月30日），我们继续"向着新目标前进"系列。从柴米油盐到衣食住 行，从孩子的书包到老人的康养，每个人对美好生活的向往都是国家发展的方向。"十五五"规划建议 中，关于扩大内需、优化投资有哪些全新部署？这些部署背后又藏着怎样的发展新逻辑？今天，我们就 带着这些疑问，一起层层拆解，读懂政策里的民生温度与发展密码。我们先来看关于内需和投资，"十 五五"规划建议里的"新提法""新目标"是什么。 "十五五"规划建议指出，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。其中，"坚持惠民生和促消费、投资于物和投资于人紧密结合"是"十五五"规 划建议中关于内需和投资的一个全新提法和目标。 清华大学中国发展规划研究院常务副院长董煜："投资于物与投资于人，是这次"十五五"规划当中的一 大亮点，实现了发展目的与发展路径的更好结合，实现了投资目标和投资结构之间的有机协同。" 中国国际经济交流中心资深专家委员朱民："这个政策在未来十年、二十年以至于三十年，给整个中国 ...

Group 1 - The core viewpoint of the article emphasizes the importance of expanding domestic demand and optimizing investment as outlined in the "14th Five-Year Plan" [3][5] - The new proposal highlights the integration of "investment in material" and "investment in people," aiming to enhance the quality of life and stimulate consumption [3][11] - The article discusses the shift in investment focus from physical infrastructure to human capital, indicating a strategic decision to prioritize investments that directly benefit people's lives [5][15] Group 2 - The "14th Five-Year Plan" suggests that investment in people includes funding for education, healthcare, and elderly care, which are crucial for improving living standards [5][19] - The article provides examples of successful integration of investments in both material and human resources, such as the Shenzhen Guangming Cloud Valley project, which has attracted high-tech enterprises and created job opportunities [11][13] - It highlights the need for a long-term vision in investments, focusing on talent development and innovation as key areas for future growth [25][27] Group 3 - The article notes that the total fixed asset investment in China is projected to reach 52 trillion yuan, emphasizing the scale of investment compared to global standards [9] - It discusses the necessity of increasing residents' income to boost consumption, with specific goals set in the "14th Five-Year Plan" to align income growth with economic growth [19][21] - The article mentions that the government aims to direct more resources towards social welfare, with over 70% of fiscal spending in various regions allocated to the livelihood sector [21][23]

Group 1 - Investment in physical assets has played a crucial role in China's sustained economic growth, enhancing production capacity and social productivity, while also supporting new industrialization, information technology, urbanization, and agricultural modernization [1] - Investment in physical assets is a significant component of total demand, driving economic growth, creating jobs, and improving public services, which in turn boosts residents' wealth accumulation and consumption capacity [1] - Recent investments in food reserves, energy bases, emergency supplies, and industrial backups have strengthened China's economic resilience and risk management capabilities [1] Group 2 - There remains substantial potential for investment in physical assets in China, as per capita capital stock is relatively low compared to developed countries, and there is a need to optimize the capital structure and enhance investment quality in key industries [2] - The importance and urgency of investing in human capital have become increasingly prominent, as the return on investment in physical assets has declined, necessitating a shift towards innovation-driven and demand-driven economic growth [2] - Increasing investments in education, healthcare, and elderly care is essential for improving living standards and achieving high-quality development, as well as promoting comprehensive human development [2] Group 3 - Key directions for investment in human capital include improving income distribution systems, promoting equal access to basic public services, and increasing government investment in areas such as childcare, education, healthcare, and vocational training [3] - Strengthening human resource development and investing in various talents, especially in technology and innovation, is critical for providing foundational support for high-quality development [3] - Establishing a long-term mechanism for investing in human capital, optimizing fiscal responsibilities, and enhancing local government assessment and incentive mechanisms are necessary to stimulate investment in human capital across society [3]

Core Viewpoint - The integration of "investment in material" and "investment in people" is essential for promoting high-quality development and improving the quality of life for the population [1][4]. Investment in People vs. Investment in Material - Investment in people focuses on human capital development, including education, health, social security, and employment support, while investment in material emphasizes physical assets [1][2]. - The shift from material to human investment reflects a change in growth drivers from factor-driven to innovation-driven, enhancing the quality of human resources and innovation capabilities [1][2]. - Investment in people has a longer return cycle but offers stable and lasting benefits, contributing to social effects and economic quality [1][2]. Deep Adjustments in Economic Governance - The adjustment in economic governance is evident in three areas: shifting growth drivers, optimizing economic structure, and focusing on sustainable long-term development [1][2]. - The emphasis on balancing short-term growth with long-term development indicates a refined approach to macroeconomic management [1][2]. Synergy Between Investments - The relationship between investment in material and investment in people is reciprocal; material investment can enhance human development, while human investment can stimulate material investment [2][3]. - A systematic approach is needed to align investments in technology infrastructure and talent development, ensuring a cohesive strategy that connects education, talent, and industry [2][3]. Supply and Demand Dynamics - On the supply side, the combination of investments can significantly enhance labor quality and innovation capacity, leading to a new level of productivity [3]. - On the demand side, investing in people improves social security and overall welfare, which can elevate demand levels and create a dynamic balance between supply and demand [3]. Broader Economic Implications - The focus on human development is crucial for transitioning from middle-income to high-income status, emphasizing the importance of talent cultivation and human-centered economic strategies [4]. - The approach aims to maximize human creativity and drive economic growth through the comprehensive development of the population [4].

Core Viewpoint - The article emphasizes the importance of achieving a moderate level of development for China by 2035, with a focus on enhancing GDP and fostering emerging industries to adapt to global economic changes [2][5][14]. Group 1: Economic Development Goals - The target is to exceed the threshold of $20,000 in per capita GDP by 2020 standards and to double the per capita GDP by 2035 compared to 2020 levels [2]. - Achieving a moderate level of development is seen as crucial for China's economic strategy moving forward [2]. Group 2: Emerging Industries - The "14th Five-Year Plan" aims to develop new pillar industries such as renewable energy, new materials, aerospace, and low-altitude economy [5]. - There is a call for a focus on key areas like quantum technology, biomanufacturing, hydrogen energy, and sixth-generation mobile communication to drive future industrial growth [6]. Group 3: Regional Innovation Systems - The establishment of regional innovation systems is essential, involving collaboration among government, enterprises, universities, and research institutions to enhance innovation capabilities [9]. - A tailored approach based on local resources and industrial foundations is recommended to prevent market bubbles and ensure sustainable development [6]. Group 4: Investment Strategies - Investment in physical assets (infrastructure, buildings, machinery) is crucial for solidifying the material and technical foundation for economic development [10]. - Investment in human capital (education, healthcare, skills training) is equally important for enhancing the capabilities and potential of the population [10]. Group 5: Digital Trade - Digital trade, characterized by data as a key production factor and digital services, is rapidly growing and is identified as a new trend in international trade and economic growth [12]. Group 6: Energy Strategy - Building an energy powerhouse is highlighted as a significant goal, with energy security being critical for national stability and development [13][14]. - The transition to green and low-carbon energy sources is emphasized as a timely and necessary step in the current global context [14].

Core Viewpoint - The article emphasizes the importance of balancing investments in physical assets and human capital to drive economic growth and improve living standards in China, highlighting the need for a strategic focus on both areas to enhance domestic demand and supply dynamics [2][8]. Group 1: Investment in Physical Assets - Investment in physical assets has played a crucial role in China's rapid economic development, leading to effective accumulation of physical capital, enhanced production capacity, and improved social productivity [6]. - Such investments are a significant component of total demand, driving economic growth, creating jobs, and increasing residents' wealth and consumption capacity [6]. - Recent investments in food reserves, energy bases, emergency supplies, and industrial backups have strengthened China's economic resilience and risk management capabilities [6]. Group 2: Potential for Further Investment in Physical Assets - There remains substantial potential for further investment in physical assets in China, as per capita capital stock is still relatively low compared to developed countries [7]. - The capital stock structure requires optimization, with some key industries facing insufficient investment and quality issues, necessitating upgrades to outdated machinery, infrastructure, and urban areas [7]. Group 3: Importance of Investment in Human Capital - The urgency of investing in human capital has become increasingly apparent, as the return on investment in physical assets has declined in recent years [8]. - To transition from a capital-intensive to a talent-intensive economy, it is essential to enhance investments in human capital, fostering human capital accumulation and creating a "human capital dividend" [8]. - Increased investment in education, healthcare, and elderly care is vital for improving living standards and achieving high-quality development for the population [8]. Group 4: Key Directions for Investment in Human Capital - Improving income distribution systems and ensuring fair compensation based on contributions is essential for promoting productivity [9]. - Advancing equal access to basic public services and reducing disparities between regions and demographics is a priority [9]. - Increasing government investment in areas such as childcare, education, healthcare, vocational training, and cultural sports is necessary to cover the entire population and lifecycle [9]. - Strengthening human resource development and investing in high-skilled talent, particularly in technology and innovation, is crucial for supporting high-quality development [9]. Group 5: Establishing Long-term Mechanisms for Human Capital Investment - Establishing a long-term mechanism for human capital investment involves optimizing fiscal responsibilities and resource allocation, enhancing local government assessment and incentive systems [10]. - It is important to stimulate the active participation of various stakeholders in investing in human capital and to include such investments in statistical accounting [10].

Group 1 - The core viewpoint emphasizes the importance of expanding domestic demand as a strategic foundation during the 14th Five-Year Plan period, focusing on enhancing consumer spending and investment efficiency [1][2][6] - The government aims to optimize the investment structure by stimulating private investment and increasing government investment in consumption-related sectors to promote a virtuous cycle of investment and consumption [2][12] - There is a recognition of the need to invest in both physical assets (infrastructure, machinery) and human capital (education, healthcare) to support sustainable economic growth and improve living standards [6][9][11] Group 2 - The government plans to implement significant landmark projects in urban renewal, new energy systems, and major water conservancy projects, while ensuring that infrastructure investment continues to grow appropriately [8][14] - The strategy includes enhancing the quality of public services and addressing the needs of an aging population, thereby increasing demand for services in healthcare, elderly care, and cultural tourism [7][8] - The government will focus on improving the investment environment for private enterprises, ensuring fair competition, and providing financing support to stimulate private sector investment [15][16]