延伸阅读 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。 三、"十五五"乃至更长时期投资于人的重要性和紧迫性日益凸显。 我国经济长期依靠要素驱动、投资拉动，投资于物回报率近年来已经有所下降。在全球产业竞争已 从"资本密集"转向"人才密集"大趋势下，要推动我国经济增长动力机制转换，实现创新驱动、需求拉 动，亟须加大对人的投资，推动人力资本积累，形成"人力资本红利"。只有这样，才能构筑经济长期发 展竞争力，才能在新一轮科技革命和产业变革中赢得战略主动。此外，相较于物质资本投入而言，我国 一直以来对民生和人的全面发展相关领域投入不足，加大对教育、医疗、养老等的投资，是保障和改善 民生、实现高品质生活、推动全体人民共同富裕的必要之举，也是推动人口高质量发展、人的全面发展 的战略举措。 四、要在投资于人的重点方向持续用力。 一是完善收入分配制度，健全各类要素由市场评价贡献、按贡献决定报酬的初次分配机制，促进多劳者 多得、技高者多得、创新者多得。 二是稳步推进基本公共服务均等化，完善基本公共服务范围和内容，加快缩小区域间、城乡间、群体间 基本公共服务差距。 三是提高民生类政府投资比重，加大对生育养育、教育医疗 ...

l - 十周四峰 \ 名词卡片 "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。" "十五五"规划建议 释义 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。 投资于人是指对全人群、全生命周期人的能力 提升和潜力开发的投入,比如育幼、养老、健康、 教育、技能培训等。 报《普的一十届加由令会/建议、学习辅导百向》 延伸阅读 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。 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， ...

Group 1: Core Strategy on Domestic Demand - The article emphasizes the importance of expanding domestic demand as a strategic foundation during the 14th Five-Year Plan period, focusing on enhancing consumer spending and optimizing the consumption environment [1][4] - Key measures include removing unreasonable restrictions in the consumption sector and improving mechanisms for paid leave to address the issue of "difficulties in taking leave" [1][4] - The long-term goal is to increase residents' consumption capacity and raise the proportion of residents' income in national income distribution [1][4] Group 2: Investment Expansion - The article outlines the need to actively expand effective investment, optimizing the investment structure to stimulate private investment and enhance government investment's role [2][7] - It highlights the importance of improving investment efficiency and addressing issues of "heavy investment, light returns" in certain sectors [2][9] - The focus is on deepening investment and financing system reforms, utilizing new policy financial tools, and enhancing the role of public-private partnerships [2][9] Group 3: Investment in People and Infrastructure - The article discusses the integration of investment in physical assets and human capital, emphasizing the need for investment in education, healthcare, and skills training to enhance human capital [3][4] - It points out that while there is still significant potential for investment in physical assets, the urgency of investing in human capital is increasing due to declining returns on physical capital investments [4][6] - The article stresses the necessity of addressing the needs of a diverse population and improving the quality of life through targeted investments in services like elderly care and healthcare [4][5] Group 4: Government and Private Investment Dynamics - The article calls for a clear delineation between government and private investment roles, aiming to enhance the effectiveness of both [7][9] - It suggests that government investment should focus on public service shortfalls and strategic areas, while also stimulating private investment through improved market conditions [8][12] - The need for a supportive environment for private enterprises is highlighted, including fair competition and risk management assistance [11][12]

"十五五"乃至更长时期投资于人的重要性和紧迫性日益凸显。 投资于人是"十五五"期间投资的重要方向。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）提出，坚持惠民 生和促消费、投资于物和投资于人紧密结合。 近日出版发行的《党的二十届四中全会〈建议〉学习辅导百问》一书中，对"怎样理解投资于物和投资 于人紧密结合"作出了详细回答。 文中认为，《建议》提出，坚持投资于物和投资于人紧密结合。这是对我国投资理念、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。 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。我国经济长期依靠要素 驱动、投资拉动，投资于物回报率近年来已经有所下降。 投资于人则是指对全人群、全生命周期人的能力提升和潜力开发的投入，比如育幼、养老、健康、教 育、技能培训等。 日前在中共中央新闻发布会上，国家发改委主任郑栅洁指出，我国固定资产投资年度规模已达到50万亿 元，但惠民生、补短板、育动能等任务还很重，必须把"钱"特别是政府资 ...

Core Viewpoint - The article emphasizes the importance of investing in human capital during the "14th Five-Year Plan" period, highlighting the need to combine investments in physical assets and human development to enhance economic growth and improve living standards [3][4]. Investment in Human Capital - The article discusses the shift from capital-intensive to talent-intensive global industrial competition, stressing the urgency of increasing investments in human capital to drive innovation and demand [4][5]. - It points out that historically, China has underinvested in areas related to people's well-being and comprehensive development, indicating that increased investment in education, healthcare, and elderly care is essential for improving quality of life and achieving common prosperity [4][5]. Key Directions for Investment - The article outlines several key areas for investment in human capital: 1. Improving income distribution systems to ensure fair compensation based on contribution [5]. 2. Promoting equal access to basic public services and reducing disparities across regions and demographics [5]. 3. Increasing government investment in social welfare sectors such as childcare, education, healthcare, vocational training, and cultural sports [5]. 4. Enhancing human resource development by investing in various talents, especially in technology and innovation [5][6]. 5. Establishing a long-term mechanism for human capital investment, optimizing fiscal responsibilities, and encouraging social participation [5][6]. Government Investment Strategy - The article mentions that China's fixed asset investment has reached 50 trillion yuan, but there is still a significant need for investment in social welfare and development [6]. - It highlights that the government will focus on combining investments in physical and human capital, which is expected to create new opportunities, such as the planned construction and renovation of over 700,000 kilometers of underground pipelines during the "14th Five-Year Plan," requiring an additional investment of over 500 billion yuan [6][7]. Economic Perspective - The article notes that the focus on human capital investment is not merely a welfare policy but a strategic approach to address systemic challenges and enhance development potential [6][7]. - It emphasizes that investments in human capital will be aligned with improving living standards and development quality, addressing key areas such as education, healthcare, and housing [6][7].

近日出版发行的《党的二十届四中全会〈建议〉学习辅导百问》，对"怎样理解投资于物和投资于人紧 密结合？"作出回答。 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力。 第二，"十五五"乃至更长时期投资于人的重要性和紧迫性日益凸显。投资于人是指对全人群、全生命周 期人的能力提升和潜力开发的投入，比如育幼、养老、健康、教育、技能培训等。我国经济长期依靠要 素驱动、投资拉动，投资于物回报率近年来已经有所下降。在全球产业竞争已从"资本密集"转向"人才 密集"大趋势下，要推动我国经济增长动力机制转换，实现创新驱动、需求拉动，亟须加大对人的投 资，推动人力资本积累，形成"人力资本红利"。只有这样，才能构筑经济长期发展竞争力，才能在新一 轮科技革命和产业变革中赢得战略主动。此外，相较于物质资本投入而言，我国一直以来对民生和人的 全面发展相关领域投入不足，加大对教育、医疗 ...

文 | 付一夫 城市"抢人大战"，风云再起。 进入2025年，全国各地忽然又掀起了新一轮人才争夺的浪潮。比如，广州南沙不仅为应届毕业生提供免 费住宿和面试路费补贴，新引进落户的本科生、硕士、博士每月还可分别申领1000元、2000元、4000元 生活补贴，连续支持30个月；苏州提出对人工智能领域顶尖人才顶格支持，给予最高1亿元项目资助和 最高1000万元购房补贴。还有许多城市也都纷纷拿出看家本领，试图吸引各路人才的加盟。力度之大与 诚意之深，着实令人叹为观止。 个中深意，耐人寻味。 01 "抢人大战"并不是新鲜事，早在2018年前后就曾出现过。 犹记得那时，以南京、武汉、成都、西安、长沙等为代表的一众二线城市，先后放出"送户口""送房 补""免费租借办公区"等大招来吸引人才，希望以此来提升城市活力并推动经济发展。而那场"抢人大 战"的范围，足足涉及数十个城市之多。 与之相比，本轮"抢人大战"在诸多方面都发生了显著的变化： 首先，是参与城市范围与层级的显著拓展。 2018年前后的那场"抢人大战"，主角其实是二线及以下城市，而北上广深等一线城市因为受到人口规模 控制等客观条件的限制，当时表现相对克制。不过在202 ...