中经记者 杜丽娟 北京报道 12月9日，在《中国经营报》主办的"2025中国企业竞争力年会"上，中国社会科学院学部委员高培勇发 表题为《开局谋新：中国经济增长的底层逻辑与未来布局》的主旨演讲。他以深厚的学理基础和贴近政 策实践的分析，系统梳理了"十五五"时期中国经济社会发展的底层逻辑，并前瞻性勾勒了未来布局的关 键方向与核心抓手。 在他看来，这三者并非简单并列，其中"预期转弱是源头和主因"。预期影响收入和财富积累信心，进而 影响消费与投资。因此，宏观政策不仅要作用于当期需求，更要从体制机制上改善企业和居民对未来的 预期。 针对当前有效需求不足的突出矛盾，以及外部环境的严峻复杂性，"十五五"规划建议明确，经济工作的 主要着力点在于内需，并特别强调要显著提高居民消费率，显著增强内需拉动经济增长的主动力作用。 在提振消费方面，高培勇提出应按照党的二十届四中全会的部署，实施"提振消费专项行动"，统筹就 业、收入与预期管理，并强调"提高公共服务支出占政府支出比重"这一创新举措。他重申"消费是收入 和财富积累的函数"，短期可通过财政补贴、信贷支持等手段释放消费潜力，但长期必须依靠分配制度 改革，尤其要从再分配环节入手，完 ...

□ 中国证监会债券司司长 韩卓 中国证监会债券司法制小组负责人 姜洁 □ 我国REITs市场已取得初步成效，功能定位明确。境内REITs试点五年来，市场体系逐步完善，已形成 一定的规模效应和示范效应。截至2025年11月底，已累计上市REITs产品77只，总市值突破2200亿元 □ REITs市场高质量发展面临多重问题：内涵式发展动力不足、外延式发展空间待拓、法规体系尚需完 善等。具体表现为：部分产业方对REITs功能运用不充分、产融结合不足、激励机制不健全；市场供给 不足、部分项目整合困难；上位法适配度不足、监管规则效力层级较低、对产业方约束有待明晰等 □ 推动REITs市场高质量发展的对策建议：提高市场制度包容性，扩大REITs覆盖面，推动商业不动产 REITs试点；优化治理结构和激励机制，强化内生动力；强化法律责任和监管力度，压实原始权益人责 任；推动市场形态由"小而散"向"大而优"转型，支持打造龙头REITs平台，并加快建设多层次REITs市场 不动产投资信托基金（Real Estate Investment Trusts,简称"REITs"）是实现不动产资产证券化的重要手 段，在国际资本市场已有60 ...

Group 1 - The core viewpoint emphasizes the importance of effective investment in driving economic growth, with a focus on reducing ineffective and blind investments while balancing financial, economic, and social benefits [1][2][3] - In 2023, a total of 800 billion yuan has been allocated to support 1,459 projects, including ecological restoration in the Yangtze River basin and improvements in national logistics hub planning [1] - Fixed asset investment has shown slight growth from January to October 2023, with manufacturing investment increasing by 2.7% year-on-year, and specific sectors like aerospace and information services showing significant growth rates of 19.7% and 32.7% respectively [1] Group 2 - The focus for future investments should be on major infrastructure, technological innovation, and green low-carbon transitions, particularly in areas like energy storage and water management [2] - Effective investment aims to enhance public welfare, with a long-term view on economic benefits, emphasizing the importance of investing in education, health, and skills development to boost consumption potential [2] - The government is encouraged to collaborate with the market to enhance effective investment, with recent policies aimed at increasing private investment through expanded access and addressing bottlenecks [3]

Group 1 - The core viewpoint emphasizes the importance of expanding effective investment to maintain reasonable growth and improve investment efficiency, particularly in major engineering and livelihood projects [1] - The investment approval system reform in Anfu County has streamlined processes, allowing for a more efficient project initiation and execution, exemplified by the "one-window" service model [2][4] - The "tolerant approval + commitment system" introduced in Anfu County allows projects to proceed even if some materials are temporarily missing, significantly reducing construction timelines [3] Group 2 - The establishment of a comprehensive elderly care facility in Fangchenggang is driven by the increasing demand from the aging population, with plans for a facility that integrates comfortable living and accessible medical services [6][8] - The project faces financial challenges, requiring innovative funding solutions, including support from policy banks to ensure affordability and sustainability [7][8] - The project aims to provide 550 beds and enhance local elderly care services, reflecting a broader trend of adapting investment structures to demographic changes [8] Group 3 - The construction of the Xi'an to Yan'an high-speed railway is a key example of optimizing government investment structure and increasing the proportion of livelihood-related investments [9][10] - The project is expected to significantly reduce travel time between Xi'an and Yan'an, enhancing connectivity and supporting local economic development [10][11] - A multi-source financing model has been established to ensure adequate funding for the railway project, demonstrating effective coordination among various government departments [11] Group 4 - The successful listing of a REIT for municipal heating infrastructure in Jinan represents an innovative investment model that leverages existing assets to fund new projects [12][15] - The REIT raised 1.496 billion yuan, which will be used for critical infrastructure projects, ensuring continuous and stable construction [15] - This approach exemplifies the potential of financial innovation to unlock new investment opportunities and enhance the efficiency of capital allocation in infrastructure development [15]

今年"两重"建设共安排8000亿元支持1459个项目，涉及长江流域生态修复等"硬投资"，也包含完善国家 物流枢纽规划布局等"软建设"；今年超长期特别国债支持设备更新的投资补助资金已支持约8400个项 目，带动总投资超1万亿元，资金撬动效应达1∶5.3…… 投资是经济增长的重要推动力。今年1至10月，扣除价格因素，固定资产投资保持小幅增长。从结构来 看，1至10月，制造业投资同比增长2.7%，增速快于全部投资，航空航天器及设备制造业投资同比增长 19.7%，信息服务业投资增长32.7%，说明我国产业转型升级领域投资仍具有强劲动力。 扩大有效投资是一项关系发展全局的系统工程，政府与市场需携手共进，政府投资要在打基础、利长 远、补短板、调结构上加大力度，也要激发民间投资活力，提高民间投资比重。"十四五"收官在 即、"十五五"蓝图将展之际，多地加快谋划推进一批重大工程项目。针对扩大民间投资，国务院办公厅 近期印发文件，从扩大准入、打通堵点、强化保障三个方面提出了13项政策举措。相信各方合力必将助 推有效投资更好发挥关键作用，为扩大国内需求、经济高质量发展注入强劲动力。 《 人民日报 》（ 2025年12月08日 17 ...

Group 1: Investment Policy and Reforms - The "14th Five-Year Plan" emphasizes expanding effective investment, maintaining reasonable growth, and improving investment efficiency [1] - Investment approval reforms are being deepened to optimize government investment structure and increase the proportion of private investment [1][2] - The "container approval + commitment system" allows project units to apply for approvals even if some materials are temporarily missing, expediting the process [3][4] Group 2: Local Government Initiatives - In Anfu County, a "one-window acceptance" area has been established for all approval matters related to projects, streamlining the process significantly [4] - The county has implemented a "Tuesday parallel approval" mechanism, reducing required materials from 18 to 5 and cutting approval time from 7 days to 1 day [4] - Over the past three years, Anfu County has attracted 108 industrial projects with investments exceeding 1 billion yuan [4] Group 3: Aging Population and Healthcare Infrastructure - In Fangchenggang, the elderly population is projected to reach 178,500 by the end of 2024, highlighting a growing demand for elderly care services [6] - A comprehensive elderly care service center is being planned to address the lack of resources, with a focus on affordability and proximity to medical facilities [6][7] - The project has secured 200 million yuan in long-term credit to cover construction costs, demonstrating the role of policy-driven financial support [8] Group 4: Transportation Infrastructure Development - The Xi'an to Yan'an high-speed railway is set to open by the end of this year, significantly reducing travel time from over 2 hours to approximately 1 hour [9][10] - The project exemplifies the optimization of government investment structure and an increase in investments aimed at improving public welfare [10] - A multi-source financing system has been established to ensure funding for the high-speed railway, combining provincial capital, government bonds, and project loans [11] Group 5: Innovative Investment Models - The Jinan Energy Group has successfully launched a public REIT for heating infrastructure, raising 1.496 billion yuan to fund the "Chatou Heating into Jinan" project [12][15] - This innovative financial tool aims to revitalize existing assets and facilitate further investments in infrastructure [15] - The project has already seen significant progress, with the northern line fully connected and the southern line expected to be operational by December [15]

每经AI快讯，12月5日，中共山西省委关于制定国民经济和社会发展第十五个五年规划的建议发布。其 中提到，扩大有效投资。保持投资合理增长，提高投资效益，增强投资对优化供给结构、促进产业升级 的关键作用。优化政府投资结构，提高民生类政府投资比重，高质量推进"两重"项目建设，谋划实施一 批对促进全省经济社会发展具有基础性、先导性、全局性意义的重大项目。适应人口结构变化和流动趋 势，完善基础设施和公共服务设施布局，加强人力资源开发和人的全面发展投资。统筹用好中央预算内 投资、地方政府专项债、超长期特别国债、财政建设资金等各类资金，抓好重点工程建设，扩大高技术 产业和战略性新兴产业投资。围绕产业转型、能源革命、科技教育、生态环保、公共卫生、应急保障、 防灾减灾等重点领域，推进一批强基础、增动能、利长远的重大工程和项目建设。加强政府投资全过程 管理，优化投资审批流程。更好发挥政府投资撬动作用，规范实施政府和社会资本合作新机制，用好向 民间资本推介项目长效机制，鼓励吸引更多民间资本参与公共事业和重大项目建设，提高民间投资比 重，增强市场主导的有效投资增长动力。强化项目谋划储备和要素保障。做好重大项目前期研究，加强 必要性论 ...

Core Viewpoint - The article emphasizes that effective investment is a complex system process involving the coupling and collaborative evolution of technological innovation, institutional innovation, and spatial optimization, rather than merely a capital input behavior [1][2]. Group 1: New Requirements and Challenges - The "14th Five-Year Plan" period is crucial for China to advance towards socialist modernization, facing unprecedented challenges and requirements due to profound changes in domestic and international environments [2][4]. - The global landscape is undergoing a new round of technological revolution and industrial transformation, with disruptive technologies reshaping national core competitiveness and increasing the strategic importance of investment [3]. Group 2: Effective Investment and New Quality Productivity - Effective investment is defined as capital formation activities that serve high-quality development goals, focusing on nurturing and expanding new quality productivity [5]. - New quality productivity is characterized by technological innovation as the core driving force, with significant improvements in total factor productivity as a key indicator [6]. Group 3: "Technology-Institution-Space" Analysis Framework - The "Technology-Institution-Space" (TIS) framework illustrates that successful investment activities result from the positive interaction of technology, institutions, and spatial dimensions [7]. - The technology dimension focuses on R&D innovation, digital infrastructure, and high-skilled human capital, which directly determines the height and advancement of new quality productivity [7]. - The institutional dimension emphasizes creating an environment conducive to innovation, including a robust intellectual property protection system and a fair market environment [7]. - The spatial dimension involves optimizing regional functional layouts and constructing modern infrastructure networks to promote the clustering and scaling of new quality productivity [7]. Group 4: Progress and Challenges in Effective Investment - Despite a slowdown in fixed asset investment growth, significant progress has been made in the effectiveness of investment, with a clear trend towards structural optimization [14]. - High-tech industry investment has maintained double-digit growth, significantly outpacing overall fixed asset investment growth, indicating a shift towards new quality productivity core areas [14]. - Challenges remain in aligning technology, institutions, and spatial dimensions, leading to issues such as insufficient basic research investment and a lack of effective technology transfer mechanisms [16][18]. Group 5: Recommendations for a High-Efficiency Investment Ecosystem - To expand effective investment, a shift from "project thinking" to "ecosystem thinking" is necessary, focusing on creating a self-optimizing and virtuous cycle investment ecosystem [21]. - Recommendations include optimizing R&D investment structures, enhancing basic research funding, and establishing market-oriented concept verification centers to bridge the gap between laboratory results and market applications [22][23]. - Institutional reforms should aim to deepen financial supply-side structural reforms and enhance the protection of intellectual property rights to stimulate innovation [24][25]. - Spatial strategies should promote differentiated and specialized investments, avoiding homogeneous competition and ensuring that new infrastructure aligns with local industrial needs [26][27].

Group 1: Macroeconomic Strategy - The article emphasizes the need to boost domestic consumption, noting that China's consumption rate lags behind developed countries by 10-30 percentage points, particularly in service consumption[1] - Short-term measures include optimizing supply and reducing restrictions to enhance the availability of quality consumer goods and services[1] - Long-term strategies focus on increasing residents' income and improving the share of labor remuneration in national income distribution[1] Group 2: Investment Expansion - The report advocates for effective investment expansion, particularly in infrastructure, while maintaining a balance to avoid excessive investment[2] - Key investment areas include urban renewal, strategic transportation corridors, new energy systems, and major water conservancy projects[2] - The government plans to implement significant projects in consumer-related sectors, such as elderly care and health services, to support consumption[2] Group 3: Policy Developments - A recent plan aims to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, focusing on areas like elderly products and smart connected vehicles[2] - The government has allocated 700 billion yuan and 800 billion yuan in special bonds for "hard investment" projects in the past two years[2] - The report highlights the importance of enhancing the efficiency of investment returns and addressing the issues of "heavy investment, light returns" in certain sectors[2]

Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a strategic foundation during the "14th Five-Year Plan" period, focusing on boosting consumer spending and effective investment to counter external uncertainties and enhance economic growth [2][13]. Summary by Sections 1. Boosting Consumer Spending - Current Situation: China's consumer spending rate lags behind developed countries by 10-30 percentage points, particularly in service consumption [2]. - Short-term Measures: Focus on optimizing supply, innovating consumption scenarios, and removing unreasonable restrictions in the consumption sector [2]. - Long-term Goals: Enhance residents' income and consumption capacity, ensuring that income growth aligns with economic growth and labor productivity [2][13]. 2. Expanding Effective Investment - Infrastructure Investment: Maintain a moderate growth in infrastructure investment while avoiding excessive expansion [3]. - Investment Focus: Target major projects in urban renewal, strategic transportation corridors, new energy systems, and significant water conservancy projects, as well as investments in consumer-related sectors [3][13]. - Support Measures: Reform the investment and financing system, utilize new policy financial tools, and improve the pricing mechanisms in transportation and energy sectors to enhance investment returns [3][13]. 3. Recent Policy Developments - Consumption Policy: The Ministry of Industry and Information Technology released a plan to enhance the adaptability of supply and demand in consumer goods, aiming to establish three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [4][11]. - Industry Meetings: The People's Bank of China held a meeting to combat speculative trading in virtual currencies, and the Ministry of Industry and Information Technology discussed regulations in the battery industry [4][11]. 4. National Development Goals - The article outlines the goal of achieving a high-quality development pattern where supply and consumption interact positively by 2030, with a gradual increase in consumption's contribution to economic growth [11][12]. - Specific sectors identified for growth include elderly products, smart connected vehicles, and consumer electronics, with a focus on addressing the needs of an aging population [12][13].