Core Viewpoint - The upcoming national financial work conference will prioritize boosting consumption and expanding effective investment in human development for 2026, reflecting a shift towards "investment in people" alongside traditional "investment in things" [2] Group 1: Shift in Investment Focus - The trend of fixed asset investment growth indicates that the space for "investment in things" is continuously narrowing, with infrastructure investment growth dropping from 42.2% in 2009 to 0.13% in 2025, manufacturing investment from 26.6% to 1.9%, and real estate investment from 33.6% to -16% [3] - The decline in investment growth across various sectors suggests that traditional fields like infrastructure, manufacturing, and real estate have entered a phase of stock management, limiting further investment opportunities [3] Group 2: Costs of "Investment in Things" - The first cost is the "low-price dilemma," where excess supply leads to low prices for many mid- to low-end products, suppressing income growth for lower-income groups, as indicated by the negative year-on-year change in the Producer Price Index (PPI) since October 2022 [4] - The second cost is the debt dilemma, with China's total debt reaching $56.4 trillion by Q2 2025, making it the second-largest globally, highlighting the need for effective investment and debt management [4] - The third cost is the increase in labor intensity, with average weekly working hours rising from 45 to 48.5 hours since Q2 2018, despite expectations that technological efficiency would reduce labor input [5] Group 3: Benefits of "Investment in People" - "Investment in people" can alleviate macro-level structural imbalances by optimizing fiscal spending, reducing ineffective investments, and increasing public spending in education, health, employment, and childcare, which can enhance consumer expectations and actual consumption capacity [5] - This approach also helps mitigate the pressures and risks associated with the low-price and debt dilemmas, as improved consumer willingness and capacity can expand corporate profit margins and reduce excessive labor hours [5] - Transitioning to "investment in people" is essential to bridge the gap between macroeconomic growth and microeconomic experiences, especially as the advantages of "investment in things" diminish [6]