Core Viewpoint - The article emphasizes the shift in China's investment strategy from quantity-driven to quality-driven investments during the 14th Five-Year Plan, focusing on effective investment that enhances efficiency, vitality, and innovation [1][5]. Group 1: Reflection on "Scale-Driven" Investment Model - The "scale-driven" investment model has not fundamentally changed, leading to structural contradictions and risks, such as decreasing investment efficiency and accumulating debt risks [2][3]. - Local governments often pursue large projects to boost GDP without considering investment returns, resulting in underutilized infrastructure and "zombie parks" [2][3]. - The investment structure shows a bias towards hard infrastructure over soft investments, leading to insufficient funding in education, healthcare, and other public services [3]. Group 2: Necessity of Expanding Effective Investment - Effective investment is defined as investments that stimulate current demand, enhance long-term growth, and generate positive social benefits [5]. - It serves as a stabilizing force for the macro economy amid challenges such as insufficient effective demand and external uncertainties [5][6]. - Effective investment is crucial for building a modern industrial system and fostering new productive forces, particularly in technology and innovation [6]. Group 3: Directions and Focus of Effective Investment - Investment should prioritize technology innovation and industrial upgrading, with increased support for research institutions and strategic emerging industries [9]. - Emphasis on improving public services and welfare, particularly in education and healthcare, to support common prosperity [10]. - Focus on green and low-carbon initiatives, including renewable energy and energy efficiency projects, to create new growth advantages [11]. Group 4: Institutional and Mechanism Innovations - Innovations in investment decision-making and project management are essential to ensure effective allocation of financial resources [12][14]. - A collaborative regulatory framework is necessary to enhance the efficiency of public investment and ensure accountability [15]. - The establishment of a favorable business environment is critical for encouraging private investment and ensuring sustainable economic growth [16].