Core Insights - The average age of China's labor force is approaching 40 years, with significant differences across demographics and regions [1][5][11] - The overall quality of the labor force is improving, with the average years of education increasing from 6.14 years in 1985 to 11.03 years in 2023 [2][5] - The total human capital in China reached 43.76 trillion yuan in 2023, with urban human capital accounting for 91.63% of the total [3][4] Labor Force Age Trends - The average age of the national labor force has risen from 32.25 years in 1985 to 39.66 years in 2023, with rural labor aging faster than urban labor [1][5] - Inner Mongolia has the highest average labor force age at 41.19 years, while Xinjiang has the youngest at 37.49 years [7][8] Education and Human Capital - The average years of education for the labor force increased significantly, with urban areas showing higher educational attainment compared to rural areas [2][5] - The per capita human capital rose from 44,300 yuan in 1985 to 768,700 yuan in 2023, indicating a substantial increase in individual human capital [4] Regional Disparities - There are notable regional disparities in labor force age and education levels, with economically developed provinces having higher educational attainment and younger labor forces [4][10] - The labor force in economically developed regions like Beijing and Shanghai has a higher average education level compared to less developed regions like Guizhou and Yunnan [5][10] Policy Implications - The report highlights the need to address the "35-year-old threshold" in the job market, which is increasingly seen as a barrier to employment for older workers [12][13] - Suggestions include enhancing educational resources and creating a comprehensive vocational training system to bridge the gap between urban and rural labor markets [6][10]

Core Insights - The latest China Human Capital Report 2025 indicates that the average years of education for urban male laborers is 11.63 years, while for females it is 11.92 years, showing a gradual reduction in gender disparity in education levels [1][4] Group 1: Human Capital Growth - As of 2023, the total human capital in China is valued at 437.563 trillion yuan, with a growth from 43.02 trillion yuan in 1985 to 83.627 trillion yuan in 2023, representing an increase of over 18 times [3] - The average annual growth rate of human capital stock from 1985 to 2023 is 8.25%, attributed to the exit of low-education older populations from the labor market and the higher expected education levels of new labor entrants [3] - In 2023, the actual total human capital increased by 4.392 trillion yuan compared to 2022, with previous years' data showing values of 63.055 trillion, 70.643 trillion, 74.712 trillion, and 79.236 trillion yuan from 2019 to 2022 [3] Group 2: Education Levels - From 1985 to 2023, the average years of education for the national labor force increased from 6.14 years to 11.03 years, with urban areas rising from 8.23 years to 11.76 years and rural areas from 5.47 years to 9.44 years [4] - In 2023, all provinces showed that urban labor populations had higher average years of education compared to rural populations, with significant disparities in less economically developed provinces, such as a 3.63-year difference in Tibet [4] Group 3: Gender Disparities - The report indicates that while the education level of women is increasing at a faster rate than that of men, the gap in actual human capital remains significant, with men having an average human capital of 379,200 yuan and women 179,700 yuan, a difference of 199,500 yuan [5] - The reduction in the number of individuals without education is faster for women than for men, and gender disparities in higher education have significantly decreased [5] Group 4: Age Trends - The average age of the labor force in China increased from 32.25 years in 1985 to 39.66 years in 2023, with urban laborers rising from 33.03 years to 39.25 years and rural laborers from 31.99 years to 40.54 years [5] - Since 2021, the average age of rural laborers has exceeded 40 years, with the average age gap between urban and rural laborers narrowing until 2010, after which rural laborers' average age began to surpass that of urban laborers [5]

记者从人社部获悉，近日，中央财经大学人力资本与劳动经济研究中心发布中英文版《中国人力资本报 告2025》，公布了我国最新人力资本指数估算结果。 报告显示，从1985年到2023年，中国劳动力平均年龄从32.25岁增加到39.66岁。其中，城镇从33.03岁上 升到39.25岁，乡村从31.99岁上升到40.54岁。 人均人力资本排名北京居首 《中国人力资本报告2025》引入国家统计局、高校和社会调查部门等公布的最新数据对所有计算进行更 新、调整及改进，形成了1985-2023年中国国家层面和省级层面(包括香港特别行政区和台湾地区)分城乡 的多种人力资本度量指标，提供了最新、更准确的人力资本估算结果。 项目有关负责人介绍，所谓人力资本，通俗来说是指能够带来经济和社会效益的个人拥有的知识、技能 及能力。常用的人力资本度量指标有教育程度、工作经验等，教育程度主要度量通过正规教育获得的人 力资本，工作经验注重在工作中通过学习和培训积累的人力资本。 报告显示，2023年，中国人力资本总量按当年价值计算为4375.63万亿元，其中，城镇为4009.30万亿 元，农村为366.33万亿元，分别占人力资本总值的91.63%和 ...

Core Viewpoint - The article discusses the impact of demographic changes, particularly population aging, on tax revenue growth in China, emphasizing the need for policy adjustments to maintain tax bases and adapt to new economic realities [1][2][3]. Group 1: Population Dividend and Human Capital - China's large population creates a significant human capital base, which has been a source of economic value and tax revenue through various taxes such as value-added tax, corporate income tax, and personal income tax [2][3]. - The transition from a demographic dividend to a talent dividend is crucial for sustaining tax revenue growth as human capital becomes increasingly important in high-quality development [2][3]. Group 2: Challenges from Population Aging - By the end of 2024, over 220 million people in China will be aged 65 and above, accounting for 15.6% of the total population, posing challenges to tax revenue growth due to changes in labor supply and economic output [3][4]. - Aging leads to a reduction in the working-age population, increasing labor costs and compressing taxable profits, which negatively impacts corporate income tax revenue [3][4]. Group 3: Investment and Consumption Impacts - The rising proportion of retirees may decrease production investment, affecting value-added tax growth as older populations tend to spend on healthcare and basic services rather than productive investments [4][5]. - Changes in consumption patterns due to an aging population can limit the expansion of consumption tax bases, as older individuals have lower consumption elasticity and focus on essential spending [5][6]. Group 4: Policy Recommendations - To address the structural impacts of demographic changes on tax revenue, a comprehensive approach is needed, including optimizing tax sources, improving tax systems, and aligning industrial policies [6][7]. - Enhancing the adaptability of value-added tax to investment structure changes and reforming consumption tax to align with new consumption patterns are critical steps to maintain tax revenue [7][8]. - Strengthening the consistency of macroeconomic policies, including social and tax policies, is essential to create a dynamic balance between tax growth and demographic changes [8].

Group 1 - The core viewpoint emphasizes the need for a comprehensive response to the structural impact of demographic changes on tax revenue, focusing on tax source optimization, tax system improvement, and coordinated industrial policies to foster a positive interaction between tax growth and demographic changes [1][6] Group 2 - The demographic dividend in China, characterized by a large population, is seen as a significant contributor to tax revenue, especially as human capital accumulates through advancements in education and technology, leading to increased economic value creation [2] - The transition from a demographic dividend to a talent dividend is crucial for enhancing tax bases, particularly as human capital becomes a key driver of tax revenue growth during the high-quality development phase [2] Group 3 - Population aging presents challenges to tax revenue growth by affecting labor supply, investment, and consumption, with projections indicating that by the end of 2024, over 220 million people aged 65 and above will represent 15.6% of the total population [3] - The reduction in the working-age population due to aging leads to increased labor costs and a potential decline in corporate profits, which negatively impacts corporate income tax revenue [3][4] Group 4 - The increase in retirees and the shift towards pension income, which contributes less to personal income tax compared to labor income, is expected to slow the growth of personal income tax revenue [4] - Aging populations tend to reduce the proportion of savings and investments, which can adversely affect value-added tax (VAT) growth, as older individuals prioritize spending on healthcare and basic services over productive investments [5] Group 5 - The consumption patterns of an aging population, characterized by lower elasticity and a focus on essential services, limit the expansion of traditional consumption tax bases, necessitating reforms to adapt to new consumption trends [5][8] - The need for tax reforms is highlighted to align consumption tax structures with the evolving consumption landscape, particularly in high-value and luxury service sectors, to ensure sustainable tax revenue growth [8] Group 6 - Recommendations include enhancing the personal income tax base by improving labor supply quality and stabilizing corporate profits through support for technological upgrades and automation [6][7] - The VAT system should be adapted to address the challenges posed by an aging population, including stabilizing input tax deductions and refining tax incentives to prevent revenue loss [7] Group 7 - A dynamic updating mechanism for the consumption tax system is proposed to align with emerging consumption patterns in green, digital, and shared economies, ensuring that tax bases remain relevant and effective [8] - The alignment of macroeconomic policies, including social and industrial policies with tax policies, is essential to maintain a controllable balance between tax growth and demographic changes [8]

从以扩大投资规模为导向的加法式增长，转向投资于人和投资于物相结合的乘法式发展。 投资于人与投资于物的关系，正成为理解"十五五"期间经济增长逻辑的重要线索。这一转型体现为，从以扩大投资规模为导向的加法式增长，转向投资于人 和投资于物相结合的乘法式发展，根本目标是推动全要素生产率的持续提升。实现乘法效应可以聚焦三条路径：以新质生产力为抓手，推动先进物质资本与 高素质人力资本的高阶匹配；将人力资本投资重心转向质量提升，以"质量红利"延长人口红利；建立同步投入机制，确保物质资本与人力资本在时序和结构 上协同共振。 投资于人和投资于物的四象限结构 投资于人的理念早已在实践中生根。从2023年中央财经委员会提出要将投资于物与投资于人紧密结合，2025年政府工作报告明确其宏观政策地位，再到"十 五五"规划建议将两者并列写入，投资政策逻辑正在发生转变。这不仅是对财政和产业政策的优化完善，更是对增长方式的系统重塑，迈向由人力资本与物 质资本协同驱动的新发展范式。 从经济学原理来看，经典的柯布-道格拉斯生产函数Y=AKαL1α为理解两类投资的关系提供了理论基础。在工业经济时代，A代表全要素生产率（TFP），K 代表资本，L代表劳 ...

Core Insights - The core argument is that in China's new development stage, the main constraint on economic growth has shifted from the supply side to the demand side, with resident consumption becoming the decisive driving force for growth [1][2]. Demand-Side Constraints - Demand-side constraints, particularly in resident consumption, have become the primary limitation on China's economic growth, influenced by factors such as declining manufacturing advantages, the transition to high-quality development, and demographic changes like population decline and aging [2][3]. - The transition from investment-driven to consumption-driven growth is essential as China faces challenges from a decreasing population and slower income growth, which significantly suppresses resident consumption [2][5]. Economic Growth Dynamics - The relationship between resident consumption rates and economic growth is critical; higher consumption rates correlate with lower probabilities of significant economic slowdown, highlighting the importance of maintaining consumption at levels consistent with development stages to avoid the middle-income trap [3][4]. Barriers to Consumption Growth - Several barriers must be overcome to enhance resident consumption, including the long-term trend of slowing GDP and disposable income growth, which is exacerbated by demographic shifts and the transition to a higher economic development stage [5][6]. - The existing income distribution gap, characterized by a high Gini coefficient, limits overall consumption demand as lower-income households tend to have a higher marginal propensity to consume [6][7]. - Rapid aging and the phenomenon of "getting old before getting rich" further complicate consumption dynamics, as older populations typically have lower consumption rates and face multiple financial burdens [7][8]. Policy Recommendations - To foster necessary changes in consumption dynamics, a shift in mindset and policy is required, focusing on long-term human capital development and job creation to support household income and consumption [8][9]. - Improving income distribution through effective tax and transfer systems is crucial, as current redistributive measures in China are significantly lower than those in many OECD countries, indicating substantial potential for improvement [9][10]. - Expanding the provision of public goods and services is essential, as increased government spending on social services can enhance overall living standards and indirectly support consumption growth [10][11].

Group 1 - The core idea emphasizes the importance of "investment in people" as a strategic approach to drive economic transformation and enhance human capital, which is crucial for sustainable development in China [1][2][4] - "Investment in people" is seen as a key factor in shifting the global industrial competition from capital-intensive to talent-intensive, highlighting the need for a comprehensive human resource development system [1][2] - The strategy includes reforming education systems to focus on innovation, integrating higher education with research, and aligning vocational education with industry needs to cultivate high-quality talent [2][3] Group 2 - "Investment in people" is also critical for stimulating consumer demand and activating the internal market, as it leads to the creation of new consumption scenarios and products [2][3] - To enhance residents' consumption capacity, a systematic policy approach is required, focusing on employment promotion, income increase, and stabilizing expectations [3] - The need for a long-term mechanism to ensure stable and sustainable investment in public services and social welfare is highlighted, with an emphasis on optimizing fiscal expenditure towards basic needs [4]

Group 1: Core Insights - The ISSB is advancing its work on sustainability disclosure standards, focusing on biodiversity, ecosystems, and human capital as critical topics for corporate sustainability [2] - The ISSB has included research projects on BEES and human capital in its work plan for 2024-2026, indicating their importance for stakeholder information needs [2] Group 2: BEES Research Project - A staff document related to the BEES project will be released in October 2025, aiming to analyze whether the TNFD framework can assist the ISSB in meeting investor information needs regarding nature-related risks and opportunities [3] - The TNFD framework is investor-oriented and closely aligned with ISSB standards, integrating elements from the CDSB framework and SASB standards, which supports its adoption by the ISSB [4] - Since its release in 2023, over 620 organizations have adopted the TNFD framework, covering 64 out of 77 SASB sustainable industry classification system sectors [4] Group 3: TNFD Framework Coverage - The TNFD framework addresses two main areas of investor information needs: areas already required by IFRS S1 but needing additional guidance, and areas not explicitly required but urgently needed by investors [5] - It also covers potential related areas such as the impact of international policies and national regulations on corporate governance and strategy regarding nature [5] Group 4: Human Capital Research Project - A staff document for the human capital research project will also be released in October 2025, focusing on providing project updates and a structured analysis method to address the broad themes and varying market maturity [6] - The structured analysis method will focus on "dependencies and impacts" and "risks and opportunities" related to human capital [7] Group 5: Human Capital Dimensions - The "dependencies and impacts" dimension will focus on key resources and relationships, while the "risks and opportunities" dimension will analyze risks and opportunities through three channels: workers, other resources and relationships [8] - The importance of different types of workers varies based on business models, strategies, and external environments, which can lead to operational risks if specific skilled workers are not recruited [10] Group 6: Terminology Issues - There are discrepancies in the definition of "human capital" across different fields, which may affect communication and progress in the research project, necessitating feedback from the ISSB on terminology usage [9] - The ISSB will further refine the TNFD framework to align with IFRS S1 goals and assess the necessity and feasibility of developing standards based on structured analysis feedback [9]

Core Insights - The article emphasizes that employee compensation is a crucial indicator of a company's sustainable development capability, reflecting corporate governance, strategic determination, and social responsibility [1][15] - The ongoing increase in employee compensation over three years indicates stable profitability and a reasonable cost allocation mechanism within companies, allowing them to maintain basic employee protections amid external fluctuations [1][15] Industry Overview - A total of 1,291 companies in the A-share market have experienced continuous employee compensation growth from 2022 to 2024, covering 32 industry categories, with a significant presence in the real economy [2] - The mechanical equipment industry leads with 166 companies (12.86%), followed by electronics (122 companies, 9.45%), electrical equipment (115 companies, 8.91%), pharmaceutical biology (113 companies, 8.75%), automotive (109 companies, 8.44%), and basic chemicals (106 companies, 8.21%) [2] - The financial sector, particularly banks and insurance groups, shows a strong trend in employee compensation growth, with 37 companies (2.86%) in banking and non-banking financial services [2] Top Companies by Employee Compensation - The top ten companies by total employee compensation are all from the financial sector, indicating a strong correlation between asset scale, profitability, and employee welfare [3] - Agricultural Bank ranks first with a total employee compensation of 87.803 billion yuan, followed by China Construction Bank (60.661 billion yuan) and Bank of China (58.554 billion yuan) [5][6][7] - These companies demonstrate a commitment to employee welfare through various strategies, including performance-based pay, investment in talent development, and alignment of compensation with business growth [5][6][7][8][9] Trends and Characteristics - The continuous growth in employee compensation is linked to the companies' long-term vision and is indicative of their ability to adapt to macroeconomic conditions and industry upgrades [15] - High industry concentration is observed, with the majority of the top ten companies being financial institutions, reflecting strategic considerations in human resource allocation [15] - The linkage between compensation growth and business transformation is evident, with many companies investing in technology innovation and digital transformation [15] - A trend towards market-oriented incentive mechanisms is noted, with more companies adopting performance-based compensation systems to attract and retain key talent [15]