Core Viewpoint - The emphasis on combining investment in physical assets and human capital is crucial for promoting overall investment and addressing external challenges [1] Group 1: Investment Focus - Investment in physical assets includes infrastructure, housing, and machinery, which solidify the material and technical foundation for economic development [1] - Investment in human capital encompasses enhancing capabilities and potential across the entire population, focusing on areas like childcare, elderly care, health, education, and skills training [1] - Current slowdown in investment growth indicates saturation in infrastructure, while investment in human capital presents significant opportunities [1] Group 2: Investment Strategy - The "14th Five-Year Plan" suggests strengthening human resource development and increasing investment in social welfare sectors like elderly care and education to build a people-centered social security system [3] - A combination of "hard investment" (infrastructure) and "soft construction" (knowledge and skills enhancement) is essential for sustainable development [3][4] Group 3: Funding Sources - Fiscal investment is a key financial source, with the government allocating significant funds for healthcare, totaling over 3 trillion yuan from 2018 to 2025 [5] - Encouraging social capital investment in human capital is vital, requiring policy adjustments and a conducive environment for private sector involvement [5] - Legal frameworks like the Private Economy Promotion Law aim to eliminate barriers for social capital investment in human development [5] Group 4: Policy Implementation - Ensuring the effective implementation of human capital investment policies requires robust assessment mechanisms for local governments [6] - Establishing statistical systems to include human investment in national accounts is necessary for tracking progress [6] - A shift in focus from immediate returns on physical investment to long-term benefits of human capital investment is essential for sustainable development [6]

2025.12.18 本文字数：1646，阅读时长大约3分钟 作者 |一财评论员 中央财办有关负责同志近期就深入解读中央经济工作会议精神接受了媒体采访，其中特别强调，要把投 资于物和投资于人紧密结合。 投资于物和投资于人是促进投资的两个方面，二者相辅相成，互相促进，不可割裂。 党的二十届四中全会审议通过的《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"'十五五'规划建议"）明确提出，坚持惠民生和促消费、投资于物和投资于人紧密结合；日前召 开的中央经济工作会议再次明确，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对外部 挑战。 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，这些投资可以为经济社会 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。 当前我国投资增速放缓说明基建等领域投资已经相对饱和，而投资于人则是一片广阔的蓝海。专家认 为，投资于人不仅是一项经济政策，更是一项关乎民生的重大决策，意味着国家在投资政策方面要积极 做到投资于物和投资于人的综合平衡，具有深远意义。 决策已经 ...

2025.12. 18 本文字数：1646，阅读时长大约3分钟 中央财办有关负责同志近期就深入解读中央经济工作会议精神接受了媒体采访，其中特别强调，要把 投资于物和投资于人紧密结合。 投资于物和投资于人是促进投资的两个方面，二者相辅相成，互相促进，不可割裂。 党的二十届四中全会审议通过的《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"'十五五'规划建议"）明确提出，坚持惠民生和促消费、投资于物和投资于人紧密结合；日前 召开的中央经济工作会议再次明确，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对 外部挑战。 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，这些投资可以为经济社 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。 当前我国投资增速放缓说明基建等领域投资已经相对饱和，而投资于人则是一片广阔的蓝海。专家认 为，投资于人不仅是一项经济政策，更是一项关乎民生的重大决策，意味着国家在投资政策方面要积 极做到投资于物和投资于人的综合平衡，具有深远意义。 决策已经作出，下面要关注的 ...

要进一步强化政策支持，在往哪里投、谁来投、如何保障等方面做足功课。 中央财办有关负责同志近期就深入解读中央经济工作会议精神接受了媒体采访，其中特别强调，要把投 资于物和投资于人紧密结合。 投资于物和投资于人是促进投资的两个方面，二者相辅相成，互相促进，不可割裂。 党的二十届四中全会审议通过的《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"'十五五'规划建议"）明确提出，坚持惠民生和促消费、投资于物和投资于人紧密结合；日前召 开的中央经济工作会议再次明确，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对外部 挑战。 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，这些投资可以为经济社会 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。 当前我国投资增速放缓说明基建等领域投资已经相对饱和，而投资于人则是一片广阔的蓝海。专家认 为，投资于人不仅是一项经济政策，更是一项关乎民生的重大决策，意味着国家在投资政策方面要积极 做到投资于物和投资于人的综合平衡，具有深远意义。 决策已经作出，下面要关 ...

Group 1: Investment in Physical Capital - China's capital stock is the largest in the world, yet there remains significant growth potential, particularly in physical investments aimed at the real economy and infrastructure [3][7] - The "Fourteenth Five-Year Plan" emphasizes the importance of combining investments in physical and human capital to stimulate domestic demand and enhance economic growth [3][8] - Historical investments in infrastructure and physical assets have been crucial for building China's industrial framework and improving development conditions [4][6] Group 2: Investment in Human Capital - Investment in human capital is increasingly recognized as essential for economic growth, focusing on areas such as education, healthcare, and social security [16][17] - The government aims to increase the proportion of public investment directed towards improving living standards, which includes enhancing education and healthcare systems [16][24] - The "Fourteenth Five-Year Plan" highlights the need for a shift from capital-intensive growth to a focus on human capital development to create a "human capital dividend" [24][28] Group 3: Policy Directions and Future Outlook - The government plans to prioritize new industrialization, information technology, and urbanization as key growth drivers during the "Fourteenth Five-Year Plan" period [11][12] - There is a strong emphasis on developing strategic emerging industries and future industries, such as quantum technology and biotechnology, to drive economic growth [14][15] - The investment landscape is expected to focus on digital economy, artificial intelligence, and urban renewal projects, aligning with national strategic goals [10][12]

宏观 宏观政策积极有为 ——2025 年 12 月中共中央政治局会议解读 2025 年 12 月 8 日 宏观研究/事件点评 【山证宏观】2025 年 4 月中央政治局会 议解读：强化底线思维，充分备足预案 2025.4.26 【山证宏观】2025 年 7 月中央政治局会 议解读：高质量发展与短期经济增长有 机融合 2025.7.31 宏观政策更加积极有为，讲求系统集成。宏观政策方面，会议强调，继 续实施更加积极的财政政策和适度宽松的货币政策，发挥存量政策和增量政 策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效能。 另外，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、 盘活存量，因地制宜发展新质生产力，纵深推进全国统一大市场建设，持续 防范化解重点领域风险，着力稳就业、稳企业、稳市场、稳预期。 在"投资于人"方面持续用力。会议强调，坚持民生为大，努力为人民 群众多办实事。《"十五五"规划建议》提出，坚持投资于物和投资于人紧密 结合。一方面有利于形成"人力资本红利"，驱动我国在科技创新和产业变 革中赢得主动；另一方面，加大民生投入力度，也是推动人口高质量发展、 人的全面发展的战略 ...

Group 1: Investment in Physical Capital - China's capital stock reached approximately $93 trillion in 2024, accounting for about 503% of GDP[29] - The average growth rate of capital stock from 1961 to 1993 was about 5.2%, while from 1994 to 2016 it was approximately 10.8%, and is projected to decline to 5.8% by 2024[29] - In 2024, the total capital formation in China is estimated to be around 54.8 trillion yuan, contributing approximately 25.2% to GDP growth[2] Group 2: Investment in Human Capital - Investment in human capital focuses on enhancing capabilities across the entire population, including education, healthcare, and skills training[47] - The proportion of public spending on social welfare in China was 53.7% in 2023, compared to 60%-70% in developed countries, indicating significant room for improvement[6] - The government aims to increase the share of public investment in social welfare during the "14th Five-Year Plan" period, particularly in areas like education and healthcare[44] Group 3: Economic and Social Development - The urbanization rate in China is expected to reach 70% within five years, with a projected rate of about 67% in 2024, driving infrastructure and public service improvements[42] - The report emphasizes the need for a balanced approach between investment in physical and human capital to foster sustainable economic growth[1] - The government plans to enhance public services in nine key areas, including education, healthcare, and social security, to ensure equitable access for all citizens[52]

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 - The emphasis on "people" in China's economic development will be more pronounced in the next five years, focusing on improving living standards and addressing demographic changes [1][2]. Group 1: Economic Development Strategy - The "15th Five-Year Plan" highlights the need for a shift from a focus on material capital to investing in human capital, reflecting a deeper understanding of economic growth driven by human development [3][4]. - The concept of "investing in people" includes enhancing capabilities across all demographics and life stages, such as education, healthcare, and skills training [2][3]. Group 2: Investment in Human Capital - The government plans to increase fiscal spending on education, with an expected investment exceeding 25 trillion yuan during the "14th Five-Year Plan," marking a 38% increase from the previous period [3]. - The number of graduates in science, technology, engineering, and mathematics exceeds 5 million annually, positioning China as a leader in producing skilled professionals [3]. Group 3: Policy Implementation - The government aims to improve the structure of public investment, increasing the proportion allocated to social welfare and public services [5]. - Specific initiatives include the "old-for-new" subsidy program, which will allocate 150 billion yuan in 2024 to stimulate consumption in sectors like automotive and home appliances [6]. Group 4: Long-term Economic Growth - The focus on human capital is seen as essential for sustainable economic growth, with a call for reforms in local government performance metrics to prioritize consumer growth and public service levels over GDP alone [7].