过去四十年，中国经济一路高歌猛进。我们用汗水和速度，把泥泞小道变成了高速公路，让荒地田野变成了摩天 大楼。靠着大规模"投资于物"，中国建成了全世界最完备的工业体系，创造了举世瞩目的增长奇迹。 未来五年，"投资于人"成为政策亮点。很多人会问：中国经济发展到当下这个阶段，为什么要如此重视"人"的作 用？当国家把更多的钱投向"人"时，我们的工资就业、教育医疗、住房养老等方面会发生怎样的质变？ 本期节目，我们对话复旦大学经济学院院长张军，深入解读"投资于人"的底层逻辑。 【对话/张军&王慧】 王慧：张老师您好，欢迎您做客《思路打开》节目。 但是，当经济发展到一定阶段，增速放缓是必然现象。存量和积累水平达到一定高度时，单纯靠要素投入，尤其 是劳动力在地区和部门之间的再配置，已经难以像过去那样持续提升大家的收入、就业和福利了。 因此，现在我们提出"投资于人"，关注人的全面发展，也反映出当前经济发展阶段的变化。 和改革开放前二三十年不同，中国当前的经济发展，在某种意义上已经出现了差距。比如说，城市中不同群体之 间的收入和财富状况有差距；城乡之间，差距尽管已经大幅缩小，但随着经济增速放缓，整个社会创造就业机会 的能力在下降， ...

Group 1 - The central economic work conference emphasizes the need to combine investment in physical assets and human capital, which is crucial for enhancing development momentum and expanding domestic demand [1] - China's economic growth model is undergoing a significant transformation, moving away from reliance on investment-driven growth, which is becoming unsustainable due to diminishing returns [1] - There is a global trend shifting from "capital-intensive" to "talent-intensive" industries, necessitating increased investment in human capital to drive innovation and demand [1] Group 2 - Investment in physical assets has historically led to effective accumulation of material capital, enhancing production capacity and social productivity, which in turn has driven economic growth [2] - There remains substantial potential for future investment in physical assets, particularly in key industries where investment is still insufficient and quality needs improvement [2] - The combination of investment in physical and human capital is essential for economic development, as material capital provides platforms for human capital to realize its value, while human capital enhances the effectiveness of material capital [3] Group 3 - The strategy involves expanding effective investment in the real economy and technological innovation, focusing on key technology gaps and optimizing existing assets [3] - There is a need to improve public services and increase government investment in areas such as education, healthcare, and vocational training to support human capital development [3] - The approach aims to ensure that investments in physical and human capital are mutually reinforcing, promoting a balanced accumulation of both types of capital [3]

Core Viewpoint - The recent State Council executive meeting has initiated the gradual implementation of free preschool education, emphasizing the need for local governments to refine their plans and ensure timely and sufficient funding allocation [1] Group 1: Policy Implications - Free preschool education is viewed as a foundational project for educational equity, helping to narrow the educational resource gap between urban and rural areas as well as among different social groups [1] - The policy aims to reduce family childcare costs and enhance the willingness to have more children, thereby addressing demographic challenges [1] Group 2: Economic and Strategic Value - This initiative is considered a booster for population strategy and economic development, optimizing human capital accumulation and promoting high-quality educational development [1] - Despite facing challenges related to fiscal constraints, the strategic value of free preschool education is profound, necessitating a phased approach to ensure both inclusivity and quality, maximizing social benefits [1]

Core Viewpoint - China is accelerating the construction of a new development pattern, gradually forming a "consumer society" model that is shared by all, emphasizing consumer-driven growth through continuous consumption upgrades [1][8]. Group 1: Consumer Demand and Supply - Consumer demand is inherently linked to individual choices and purchasing power, which is related to sustainable income levels. Short-term stimulus policies may temporarily improve purchasing power but do not lead to lasting improvements [2][3]. - The shift in consumption structure indicates that residents are moving from a focus on goods to a balanced consumption of goods and services, with service consumption projected to reach 46.1% of per capita consumption expenditure by 2024 [4][8]. Group 2: Government Role and Economic Policy - The government can enhance consumer choice by improving the institutional environment and optimizing the supply of goods and services. Employment-focused macro policies can stabilize income and expectations, which are crucial for consumer confidence [3][5]. - Economic policies should shift towards supply-side strategies, reducing macro tax burdens and investing more resources in human capital to stabilize consumption and achieve consumption upgrades [3][6]. Group 3: Investment in Human Capital - Social investment is essential for enhancing human capital, which is increasingly important as China transitions to a high-quality development phase. Investment in education, healthcare, and community services will be vital for fostering new consumption patterns [7][8]. - The focus on improving labor quality through continuous training and education will help expand the middle-income group, laying the foundation for a consumption-driven society [7][8].