Economic Analysis - The internal tension between investment and consumption significantly impacts economic growth, with capital income concentrated among high-income groups and a low marginal propensity to consume, leading to an imbalance in China's capital-output ratio (K/GDP) and declining capital return rates (r) approaching an "efficiency cliff" [3] - Empirical data indicates that the decline in investment efficiency in China is primarily due to consumption not keeping pace with supply expansion, particularly in the service sector, resulting in structural mismatches and excess investment [3] - The high proportion of capital income in the primary distribution squeezes residents' consumption capacity, while government spending focuses more on investment rather than improving living standards, exacerbating supply-demand imbalances [3] Investment and Consumption Dynamics - Investment creates new supply and directly drives economic growth, while consumption represents demand and is the source of corporate profits, indicating that sustainable growth relies on a balanced ratio of investment to consumption [7] - Since 2009, China's capital stock to GDP ratio has been rising, indicating that capital stock growth has consistently outpaced GDP growth, leading to declining investment efficiency [9] - The capital income share in China from 2010 to 2020 remained relatively stable, suggesting a notable decline in capital return rates, which could lead to a halt in investment-driven growth if it falls below a critical threshold [11] Structural Issues - The structural mismatch between investment and consumption exacerbates idle capacity, with fixed asset investment heavily skewed towards construction (approximately 70%) rather than manufacturing (about 15%), while service consumption remains significantly low [18] - The high capital income share in China (24.2% from 1992 to 2020) exceeds the U.S. average (23.4%), indicating a greater squeeze on non-capital income and thus lower overall consumption capacity [30] Long-term Solutions - Short-term solutions may involve eliminating inefficient capacity to improve capital return rates, but long-term sustainable growth requires addressing income distribution through labor rights and welfare spending [3] - The current "anti-involution" policy should focus on income distribution reform rather than merely replicating past capacity reduction experiences from 2016-2017 [3]

冯奎（中国区域科学协会副理事长、研究员） 政府部门在促进"投资于人"的实现过程中，建立完善的"投资目标—过程监管—效果评估"全链条机制至 关重要。一方面，要通过可量化的指标让投资成果被公众切实感知，比如基本医疗保险参保率提升幅 度、职业技能培训人次、居民人均可支配收入增长等，用数据直观体现政策成效；另一方面，要在政策 制定阶段搭建多元参与渠道，通过听证会、民意调查、专家论证等方式，充分吸纳企业、劳动者、学术 界等不同群体的意见，开展高质量的政策讨论，让不同诉求得到合理反映。通过透明化流程与科学化机 制凝聚社会共识，让"投资于人"真正惠及更多民众，赢得广泛支持与认可。 近期，无论是国家层面的政策导向，还是各地陆续出台的具体举措，都频繁提及"投资于人"这一关键理 念。8月18日召开的国务院第九次全体会议进一步强调，要适应需求变化更多"投资于人"、服务于民 生。结合当前经济社会发展趋势与政策导向，有理由相信，"投资于人"将成为"十五五"期间宏观政策的 重要内容之一，未来相关配套政策也将围绕"如何让投资于人落到实处"逐步细化展开。 （文章来源：21世纪经济报道） "投资于人"，本质上是新发展阶段的必然要求，也是发展重 ...