Persist in Closely Integrating Investment in Things with Investment in People

General Secretary Xi Jinping stressed at the Second Plenary Session of the 20th Central Committee of the Communist Party of China: “We must adhere to the strategic foundation of expanding domestic demand, and persist in closely integrating the improvement of people’s wellbeing with the promotion of consumption, and investment in things with investment in people.” [1]1 "Shore up weak links" (补短板) is a common policy expression in China referring to targeted investment to address deficiencies or bottlenecks in the economy and social development. The Central Economic Work Conference held in December 2025 proposed: “We must persist in closely integrating investment in things with investment in people.” Persisting in closely integrating investment in things with investment in people, based on the overall situation of Chinese-path modernization, profoundly grasping the laws of economic and social development, has realized a historic transformation in the development mode from “thing-based priority” to “thing-people synergy.” It is a strategic measure for advancing Chinese-path modernization in the New Era, providing a fundamental guideline for development during the 15th Five-Year Plan period [2]2 The target date for China to “basically realize socialist modernization,” as set out in the strategic plan of the 19th National Congress of the CPC (2017). and beyond, and manifesting the Party’s sublimation of development concepts and innovation in investment practice paths in the New Era. We must deeply understand the important significance of closely integrating investment in things with investment in people, accurately grasp its scientific connotation and important requirements, actively explore effective pathways, continuously optimize the investment structure, increase the intensity of investment in people, strengthen institutional supply, pay attention to overall coordination, and integrate the mutual promotion and coordinated development of investment in things and investment in people throughout all areas and the entire process of economic and social development, thereby laying a solid foundation for basically realizing socialist modernization by 2035, and striving to create a new situation for comprehensively advancing the building of a strong country and the great rejuvenation of the Chinese nation through Chinese-path modernization.

习近平总书记在党的二十届四中全会第二次全体会议上强调：“要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”。2025年12月召开的中央经济工作会议提出：“必须坚持投资于物和投资于人紧密结合”。坚持投资于物和投资于人紧密结合，立足中国式现代化全局，深刻把握经济社会发展规律，实现了发展方式从“物本优先”向“物人协同”的历史性转变，是新时代推进中国式现代化的战略举措，为“十五五”时期乃至更长阶段的发展提供了根本遵循，彰显了党在新时代发展理念的升华与投资实践路径的创新。我们要深刻认识投资于物和投资于人紧密结合的重要意义，准确把握其科学内涵和重要要求，积极探索有效路径，不断优化投资结构，加大投资于人的力度，强化制度供给，注重统筹协调，把投资于物和投资于人相互促进、协同发展贯穿于经济社会发展各领域全过程，为2035年基本实现社会主义现代化奠定坚实基础，奋力开创以中国式现代化全面推进强国建设、民族复兴伟业新局面。

The Era Value of Persisting in Closely Integrating Investment in Things with Investment in People

坚持投资于物和投资于人紧密结合的时代价值

The close integration of investment in things and investment in people represents an elevation and optimization of China’s investment concepts, directions, and priorities. Deeply implementing this major concept holds significant and far-reaching significance for enhancing development momentum, expanding domestic demand, realizing common prosperity, and gaining strategic initiative in global competition.

投资于物和投资于人紧密结合，是对我国投资理念、方向、重点的提升和优化。深入践行这一重大理念，对于增强发展动能、扩大国内需求、实现共同富裕、赢得全球竞争战略主动具有重大而深远的意义。

An Important Engine for Realizing High-Quality Development: Making Development Momentum More Vigorous. High-quality development is the theme of economic and social development during the 15th Five-Year Plan period, and its essence is to rely on the improvement of total factor productivity to achieve effective qualitative improvement and reasonable quantitative growth. In the past, through large-scale investment in things, we achieved historic accomplishments in areas such as infrastructure construction and industrial system building, propelling China’s economic aggregate to become the second largest in the world. As China enters a new stage of development, the traditional factor-driven model faces bottlenecks, and the phenomenon of diminishing marginal returns on material investment is becoming increasingly evident. High-quality development fundamentally depends on the accumulation and upgrading of human capital. Only by closely combining the material support of investment in things with the kinetic energy cultivation of investment in people, and while perfecting the modern infrastructure system, improving population quality through investment in areas such as education, training, and health, can we promote the transformation of economic development from a scale-speed type to a quality-efficiency type. This transformation is not only respect for the laws of development of productive forces but also an inevitable requirement for enhancing development momentum and realizing high-quality development.

实现高质量发展的重要引擎：让发展动能更充沛。高质量发展是“十五五”时期经济社会发展的主题，其本质是依靠全要素生产率提升实现质的有效提升和量的合理增长。过去，我们通过大规模投资于物，在基础设施建设、工业体系构建等领域取得历史性成就，推动我国经济总量跃居世界第二位。随着我国进入新发展阶段，传统要素驱动模式面临瓶颈，物质投资边际效益递减特征日益明显。高质量发展从根本上依赖于人力资本的积累与跃升。只有将投资于物的物质支撑和投资于人的动能培育紧密结合，在完善现代化基础设施体系的同时，通过教育、培训、健康等领域投入提升人口素质，才能推动经济发展从规模速度型向质量效益型转变。这种转变既是对生产力发展规律的尊重，更是增强发展动能、实现高质量发展的必然要求。

A Key Lever for Constructing a New Development Pattern: Making Domestic Demand Stronger. The “Proposal” of the Fourth Plenary Session of the 20th Central Committee stated: “A strong domestic market is the strategic foundation of Chinese-path modernization.” [3]3 The 15th Five-Year Plan (2026–2030) for national economic and social development. Building a strong domestic market is an important support for constructing a new development pattern. From 2021 to 2024, domestic demand contributed an average of 86.4% to China’s economic growth, demonstrating the strong resilience of the super-large market. The close integration of investment in things and investment in people is precisely the key lever for expanding domestic demand and activating the momentum of the domestic economic cycle. Investment in things and investment in people are like “hardware” and “software,” together forming the dual wheels driving domestic demand. Investment in things focuses on improving infrastructure and upgrading industrial supply, providing “hardware” support for consolidating the domestic economic cycle by building a modern infrastructure system and developing advanced manufacturing. Investment in people, on the other hand, focuses on increasing investment in areas such as education, healthcare, and elderly care, raising residents’ income levels, enhancing consumption capacity, and unleashing consumption potential, injecting “software” momentum into forming a strong domestic market demand. Persisting in closely integrating investment in things with investment in people promotes the formation of a virtuous cycle where new supply creates new demand and new demand leads new supply, thereby enhancing the endogenous driving force and reliability of the domestic economic cycle and laying a solid foundation for constructing a new development pattern.

构建新发展格局的关键抓手：让内需更强劲。党的二十届四中全会《建议》提出：“强大国内市场是中国式现代化的战略依托。”建设强大国内市场是构建新发展格局的重要支撑。2021年至2024年，内需对我国经济增长平均贡献率达86.4%，彰显了超大规模市场的强大韧性。投资于物和投资于人紧密结合，正是扩大国内需求、激活国内大循环动能的关键抓手。投资于物和投资于人如同“硬件”与“软件”，共同构成内需驱动的双轮。投资于物聚焦基础设施完善与产业供给升级，通过构建现代化基础设施体系、发展先进制造业，为夯实国内大循环提供“硬件”支撑。投资于人则通过加大教育、医疗、养老等领域投入，提升居民收入水平，增强消费能力，释放消费潜能，为形成强大的国内市场需求注入“软件”动能。坚持把投资于物和投资于人紧密结合，推动形成新供给创造新需求、新需求引领新供给的良性循环，从而增强国内大循环的内生动力和可靠性，为构建新发展格局筑牢根基。

An Inevitable Requirement for Realizing Common Prosperity: Making Development More Inclusive. General Secretary Xi Jinping pointed out: “Closely integrate ‘investment in things’ with ‘investment in people,’ do everything within our capacity while striving to do our best, establish and improve a population service system covering the entire population and the whole life cycle, consider marriage, childbirth, parenting, education, employment, medical treatment, housing, and elderly care as a whole, and effectively promote the comprehensive development of people and common prosperity for all people.” [4]4 The Fourth Plenary Session of the 20th Central Committee of the CPC, held in July 2024, which adopted a “Proposal” (建议) on further deepening reform to advance Chinese-style modernization. Realizing common prosperity requires not only a solid accumulation of material wealth as a foundation but also the support of equalization of basic public services to promote substantive progress in the comprehensive development of people. Investment in things is an important measure for consolidating the material foundation of common prosperity, while investment in people is the core pathway for improving people’s wellbeing and promoting social equity. The two are organically unified in the people-centered development philosophy. In recent years, China has persisted in prioritizing the protection and improvement of people’s wellbeing in fiscal expenditure. Fiscal investment in people’s wellbeing accounts for over 70% of the national general public budget expenditure, fully demonstrating the policy orientation of investing in people. This practice of investing in people not only focuses on skill improvement, continuously cultivating workers’ ability to adapt to industrial change by building an education system covering the entire population and spanning the whole life, but also concentrates on welfare guarantees, continuously meeting the people’s growing needs for a better life by improving a multi-level social security system that coordinates urban and rural areas. Practice has fully proven that closely integrating investment in things with investment in people is an inevitable requirement for realizing the organic unity of social value appreciation and the comprehensive development of people.

实现共同富裕的必然要求：让发展更普惠。习近平总书记指出：“把‘投资于物’同‘投资于人’紧密结合起来，尽力而为、量力而行，建立健全覆盖全人群、全生命周期的人口服务体系，将婚嫁、生育、养育、教育、就业、就医、住房、养老等一体考虑，有力促进人的全面发展、全体人民共同富裕。”实现共同富裕既需要坚实的物质财富积累作为基础，更需要以基本公共服务均等化为支撑，推动人的全面发展取得实质性进展。投资于物是夯实共同富裕物质根基的重要举措，投资于人则是推动民生改善、促进社会公平的核心路径，二者有机统一于以人民为中心的发展思想。近年来，我国坚持把保障和改善民生作为财政支出的优先方向，民生领域财政投入占全国一般公共预算支出70%以上，充分彰显了投资于人的政策导向。这种投资于人的实践，既聚焦技能提升，通过构建覆盖全民、贯穿终身的教育体系，不断培育劳动者适应产业变革的能力；又着力于福祉保障，通过健全统筹城乡的多层次社会保障体系，不断满足人民日益增长的美好生活需要。实践充分证明，把投资于物和投资于人紧密结合起来，是实现社会价值增值与人的全面发展有机统一的必然要求。

A Strategic Measure for Winning Global Competition: Making Confidence More Solid. In the current era, the global innovation landscape is undergoing accelerated restructuring, industrial and supply chains are undergoing profound adjustments, and global industrial competition has shifted from capital-intensive competition to talent-intensive competition. General Secretary Xi Jinping emphasized: “Competition in comprehensive national

赢得全球竞争的战略举措：让底气更充足。当今时代，全球创新格局加速重构，产业链供应链深度调整，全球产业竞争已从资本密集型竞争转向人才密集型竞争。习近平总书记强调：“综合国力竞争说到底是人才竞争。人才是衡量一个国家综合国力的重要指标。”谁能在人力资本积累上占据优势，谁就能在全球价值链中掌握主动。投资于物为科技创新提供物质载体，通过建设实验室、新型基础设施等创新平台，筑牢科技自立自强的物质基础；投资于人则聚焦创新人才培养与引进，形成“人力资本红利”，激发创新创造活力。投资于物和投资于人协同发力，既能推动高水平科技自立自强，又能培育规模宏大、结构合理、素质优良的人才队伍，从而提升国家核心竞争力，在国际竞争中抢占制高点，为民族复兴提供战略支撑。

Accurately Grasp the Core Essence of Closely Integrating Investment in Things and Investment in People

准确把握投资于物和投资于人紧密结合的核心要义

Investment in things is the material foundation for investment in people, and investment in people is the guarantee of the effectiveness of investment in things. The accumulation of things is the material prerequisite for human development, and human development is the fundamental purpose of the accumulation of things. The core essence of closely integrating investment in things and investment in people lies in achieving the dialectical unity of the accumulation of things and human development through scientifically grasping the requirements of practice.

投资于物是投资于人的物质基础，投资于人是投资于物的效能保障。物的积累是人的发展的物质前提，人的发展是物的积累的根本目的。投资于物和投资于人紧密结合的核心要义在于，通过科学把握实践要求，实现物的积累与人的发展的辩证统一。

Optimize the investment structure to "shore up weak links" [1]1 "Shore up weak links" (补短板) is a common policy expression in China referring to targeted investment to address deficiencies or bottlenecks in the economy and social development., enabling "things" and "people" to work in synergy. Optimizing the investment structure is the foundational project for achieving the coordinated development of investment in things and investment in people, requiring the establishment of a scientific allocation mechanism between material capital and human capital. In terms of investment in things, adhere to the direction of intelligent, green, and integrated development, focusing investment on advanced manufacturing, new types of infrastructure, and other fields, while resolutely removing blockages and bottlenecks in the construction of a unified national market to improve the precision of investment. In terms of investment in people, strengthen the strategic emphasis on human capital investment, build a full life-cycle support system, vertically covering the capacity-building chain from pre-school education to lifelong learning, and horizontally coordinating diverse fields such as education, healthcare, and employment. This structural optimization is not an either-or substitution, but rather, through the balanced development of livelihood-oriented investment and productive investment, it allows investment in things to serve human development and enables human progress to feed back into the upgrading of things, forming a sound ecosystem of mutual promotion and coordinated development.

优化投资结构“补短板”，让“物”和“人”协同发力。优化投资结构是实现物的投资与人的投资协同发展的基础工程，需在物质资本与人力资本间建立科学配比机制。在投资于物方面，坚持智能化、绿色化、融合化方向，重点投向先进制造业、新型基础设施等领域，同时坚决破除全国统一大市场建设卡点堵点，提高投资精准性。在投资于人方面，强化人力资本投资的战略侧重，构建全生命周期支持体系，纵向覆盖从学前教育到终身学习的能力培育链条，横向统筹教育、医疗、就业等多元领域。这种结构优化不是非此即彼的替代，而是通过民生性投资与生产性投资的均衡发展，让物的投入服务于人的发展，让人的进步反哺物的升级，形成相互促进、协同发展的良好生态。

Strengthening institutional supply to “build the foundation,” so that the coordinated investment in “things” and “people” rests on a more solid guarantee. Strengthening institutional supply is the key to ensuring that the close integration of investment in things and investment in people is implemented and produces results. It is necessary to accelerate the establishment of a high-level socialist market economy system, better leverage the leading role of economic system reform, improve the macroeconomic governance system, and create a favorable institutional environment for investment in things and investment in people. Establish and improve a policy system conducive to the close integration of investment in things and investment in people, using fiscal, tax, financial and other policy instruments to guide resources toward key areas and critical links. Fully stimulate the vitality of various types of business entities, and encourage enterprises to increase investment in scientific and technological innovation and talent cultivation. Accelerate the improvement of the market-based allocation system for factors of production, promoting the rational flow and efficient allocation of capital, talent, technology and other factors. Improve the talent evaluation and incentive mechanisms, perfect an evaluation system and salary system oriented toward capability and centered on contribution, and establish a long-term mechanism for investment in people. At the same time, strengthen intellectual property protection, foster a social atmosphere that respects talent and advocates innovation, so that the value of human capital is fully demonstrated.

强化制度供给“筑根基”，使“物”和“人”协同投资保障更坚实。强化制度供给是投资于物和投资于人紧密结合落地见效的关键。要加快构建高水平社会主义市场经济体制，更好发挥经济体制改革牵引作用，完善宏观经济治理体系，为投资于物和投资于人创造良好的制度环境。建立健全有利于投资于物和投资于人紧密结合的政策体系，通过财政、税收、金融等政策手段，引导资源向重点领域和关键环节倾斜。充分激发各类经营主体活力，鼓励企业加大对科技创新和人才培养的投入。加快完善要素市场化配置体制机制，促进资本、人才、技术等要素的合理流动和高效配置。完善人才评价和激励机制，健全以能力为导向、以贡献为核心的评价体系和薪酬制度，建立健全投资于人的长效机制。同时，加强知识产权保护，营造尊重人才、崇尚创新的社会氛围，让人力资本的价值得到充分彰显。

Adhering to a systems perspective to “plan the overall situation,” making development more stable through comprehensive consideration. The close integration of investment in things and investment in people involves multiple interest relationships and must be advanced comprehensively by adhering to a systems perspective. Properly handle the relationship between the government and the market: on the one hand, let the market play the decisive role in resource allocation, guiding social capital to participate in the construction of people’s livelihood sectors and new types of infrastructure; on the other hand, better play the government’s role, using planning guidance and policy guarantees to secure the bottom line of people’s livelihoods, achieving an organic combination of an effective market and a proactive government. Coordinate the relationship between the immediate and the long term: on the one hand, focus on short-term stable growth, increasing investment in key infrastructure and people’s livelihood guarantees; on the other hand, look further ahead to long-term development, increasing investment in basic research, cutting-edge technology R&D, and basic education, accumulating momentum for basically realizing socialist modernization by 2035 [n2]. Handle the relationship between the partial and the overall: leverage the overlapping effects of the regional coordinated development strategy, promote the optimal allocation of resources across the country, avoid duplicate construction and resource waste, and achieve balanced development of coordinated investment in things and people among regions.

坚持系统观念“谋全局”，以统筹兼顾让发展更稳健。投资于物和投资于人紧密结合，涉及多重利益关系，必须坚持系统观念统筹推进。把握好政府与市场的关系，既发挥市场在资源配置中的决定性作用，引导社会资本参与民生领域和新型基础设施建设；又更好发挥政府作用，通过规划引领、政策保障兜牢民生底线，实现有效市场与有为政府的有机结合。统筹好当前和长远的关系，既聚焦短期稳增长，加大关键基础设施投资和民生保障力度；更着眼长远发展，增加基础研究、前沿技术研发和基础教育投入，为2035年基本实现社会主义现代化积蓄动能。处理好局部和整体的关系，发挥区域协调发展战略叠加效应，推动资源在全国范围优化配置，避免重复建设和资源浪费，实现区域间物与人的协同投资均衡发展。

Actively explore practical pathways for the close integration of investment in things and investment in people

积极探索投资于物和投资于人紧密结合的实践路径

To deeply practice the concept of closely integrating investment in things and investment in people, it is necessary to base efforts on the development goals of the “15th Five-Year Plan” period [n3], identify entry points and breakthroughs, explore actionable and implementable pathways, and promote the formation of a dynamic situation in which investment in things and investment in people mutually reinforce and synergize.

深入践行投资于物和投资于人紧密结合的理念，需要立足“十五五”时期发展目标，找准切入点和突破口，探索可操作、可落地的实施路径，推动形成投资于物和投资于人相互促进、协同增效的生动局面。

Using industrial upgrading as a lever to promote the deep integration of “things” and “people.” Industrial upgrading is an inevitable trend in economic development and an important entry point for achieving the close integration of investment in things and investment in people. It is necessary to focus on building a modern industrial system, increase investment in the intelligent and green transformation of manufacturing, while simultaneously strengthening the cultivation and introduction of talent for related industries, promoting the precise alignment of material investment and human capital investment. For example, in the process of developing advanced manufacturing, it is necessary both to invest in material infrastructure such as intelligent factories and digital workshops, and to cultivate a group of high-quality talents who master advanced manufacturing technologies and possess innovative capabilities through means such as industry-education integration and school-enterprise cooperation. The “Proposal” of the Fourth Plenary Session of the 20th Central Committee of the Party [n4] proposed advancing education, science and technology, and talent development as an integrated whole, which points the direction for the coordinated investment in things and people during industrial upgrading. It is necessary to promote the establishment of innovation consortia among universities, research institutions, and enterprises, cultivate talent in a targeted manner according to industrial needs, and accelerate the transformation of scientific and technological achievements. For example, in strategic emerging industries such as artificial intelligence and new energy, through the combination of “order-based” talent cultivation and the construction of key technology research platforms, achieve the resonance of material capital and human capital at the same frequency.

以产业升级为牵引，推动“物”和“人”深度融合。产业升级是经济发展的必然趋势，也是实现投资于物和投资于人紧密结合的重要切入点。要围绕建设现代化产业体系，加大对制造业的智能化、绿色化改造投资，同时加强对相关产业人才的培养和引进，推动物质投资与人力资本投资精准对接。例如，在发展先进制造业过程中，既要投资建设智能化工厂、数字化车间等物质基础设施，又要通过产教融合、校企合作等培养一批掌握先进制造技术、具备创新能力的高素质人才。党的二十届四中全会《建议》提出要一体推进教育科技人才发展，这为产业升级中的物与人的协同投资指明了方向。要推动高校、科研机构与企业建立创新联合体，根据产业需求定向培养人才，加速科技成果转化。例如在人工智能、新能源等战略性新兴产业领域，通过“订单式”人才培养与关键技术攻关平台建设相结合，实现物质资本与人力资本的同频共振。

Focusing on the improvement of people’s livelihoods as the key point, promoting the balanced coordination of “things” and “people.” General Secretary Xi Jinping pointed out: “Adapting to changes in the people’s needs, striving to run all people’s livelihood undertakings well, and letting the people live better and better lives day by day is the fundamental purpose of socialist production.” [n5] The people’s livelihood sector is the core direction for investment in people, and it is also the key lever for improving the quality of people’s lives and maintaining social fairness and justice. Compared with investment in things, China still has shortcomings in investment in areas such as improving people’s livelihoods and cultivating human capital. Increasing investment in people during the “15th Five-Year Plan” period and even longer is of great importance and urgency. The 2025 “Government Work Report” [n6] points out promoting more financial resources to be “invested in people,” serving people’s livelihoods, supporting the expansion of employment, promoting increases in residents’ income and reductions in their burdens, strengthening consumption incentives, and forming a virtuous cycle of economic development and improvement of people’s livelihoods. It is necessary to focus on the urgent and difficult concerns of the masses, increase the proportion of government investment in people’s livelihoods, increase public investment in areas such as childbirth and childcare, education and healthcare, inclusive elderly care, and culture and sports, strengthen inclusive, basic, and bottom-line people’s livelihood construction, and expand effective investment covering the entire population and the entire life cycle. Employment is the foundation of people’s livelihoods; implement vocational training actions such as “Skills Illuminate the Future” [n7] to help groups such as college graduates and migrant workers achieve high-quality and full employment. It needs to be made clear that investment in things related to people’s livelihoods, such as digital village construction and the renovation of old residential communities, is an important support for ensuring and improving people’s livelihoods. Increasing the intensity of investment in people by no means replaces “things” with “people”; rather, it takes the improvement of people’s livelihoods as the anchor point to promote the coordinated and balanced development of investment in things and investment in people.

以民生改善为重点，促进“物”和“人”均衡协调。习近平总书记指出：“适应人民群众需求变化，努力办好各项民生事业，让老百姓的日子越过越好，是社会主义生产的根本目的。”民生领域是投资于人的核心方向，更是提升人民生活品质、维护社会公平正义的关键抓手。相较于投资于物，我国在民生改善与人力资本培育等领域的投入仍有短板，“十五五”乃至更长时期加大投资于人力度，具有重要性与紧迫性。2025年《政府工作报告》指出，推动更多资金资源“投资于人”、服务于民生，支持扩大就业、促进居民增收减负、加强消费激励，形成经济发展和民生改善的良性循环。需聚焦群众急难愁盼，提高民生类政府投资比重，加大对生育养育、教育医疗、普惠养老、文化体育等领域的公共投入，强化普惠性、基础性、兜底性民生建设，扩大覆盖全人群、全生命周期的有效投资。就业是民生之本，实施“技能照亮前程”等职业培训行动，帮扶高校毕业生、农民工等群体实现高质量充分就业。需要明确的是，数字乡村建设、老旧小区改造等民生相关的物的投资，是保障和改善民生的重要支撑。加大投资于人力度，绝非以“人”代“物”，而是要以民生改善为锚点，促进投资于物和投资于人协同发力、均衡协调。

Using innovation and entrepreneurship as the driving force to fully unleash the vitality of “things” and “people.” Innovation and entrepreneurship are important driving forces for economic development and social progress, and also effective ways to stimulate the vitality of the close integration of investment in things and investment in people. It is necessary to strengthen investment in human resource development and the comprehensive development of people, create a good environment for innovation and entrepreneurship, and increase policy support and financial investment in innovation and entrepreneurship. Strengthen the construction of innovation and entrepreneurship carriers, improve hardware facilities such as incubators and maker spaces, while simultaneously providing software support such as entrepreneurship training and intellectual property services. By holding entrepreneurship competitions, establishing entrepreneurship funds, and other means, encourage groups such as scientific and technical personnel, college students, and migrant workers to innovate and start businesses, achieving the full release of the value of human capital. Guide social capital to participate in the construction of the innovation and entrepreneurship ecosystem, investing both in the material conditions required for innovation and entrepreneurship and supporting the cultivation and introduction of innovative and entrepreneurial talents. Improve the fault-tolerance and error-correction mechanism, create an atmosphere that encourages exploration and tolerates failure, so that various types of business entities dare to invest and are brave in innovation. Through innovation and entrepreneurship, drive the iterative upgrading of material capital and the accumulation and appreciation of human capital, forming a virtuous cycle of “investment—innovation—value appreciation.”

以创新创业为动力，充分释放“物”和“人”的生机活力。创新创业是推动经济发展和社会进步的重要动力，也是激发投资于物和投资于人紧密结合活力的有效途径。要加强人力资源开发和人的全面发展投资，营造良好的创新创业环境，加大对创新创业的政策支持和资金投入。加强创新创业载体建设，完善孵化器、众创空间等硬件设施，同时提供创业培训、知识产权服务等软件支持。通过举办创业大赛、设立创业基金等方式，鼓励科技人员、大学生、农民工等群体创新创业，实现人力资本价值的充分释放。引导社会资本参与创新创业生态建设，既投资于创新创业所需的物质条件，又支持创新创业人才的培养和引进。完善容错纠错机制，营造鼓励探索、宽容失败的氛围，让各类经营主体敢于投入、勇于创新。通过创新创业带动物质资本迭代升级和人力资本积累增值，形成“投资—创新—增值”的良性循环。

Using digital transformation as an aid to enhance the efficiency and effectiveness of “things” and “people.” Digital transformation is a major trend in economic and social development, and it also provides new opportunities and pathways for the close integration of investment in things and investment in people. It is necessary to accelerate the construction of a Digital China, promote the deep integration of digital technology and the real economy, and raise the digital and intelligent level of investment in things and investment in people. In terms of investment in things, use technologies such as big data and artificial intelligence to optimize investment decisions, improve the precision of infrastructure and industrial projects, and enhance the operational efficiency of material capital. At the same time, use digital technology to enhance the efficiency of investment in people, such as developing online education and telemedicine, breaking down the constraints of time and space, and allowing high-quality educational and medical resources to benefit the people more widely. Build an integrated digital service platform, integrate people’s livelihood data on education, healthcare, employment, etc., and by constructing a talent demand forecasting model, accurately identify talent gaps in different industries and regions, achieving intelligent matching and targeted allocation of human capital investment demand and supply. At the same time, strengthen the cultivation of digital talent, build a composite talent team that understands both digital technology and industrial needs, and provide human resource support for digital transformation.

以数字转型为助力，提升“物”和“人”的效率效能。数字化转型是经济社会发展的大趋势，也为投资于物和投资于人紧密结合提供了新的机遇和路径。要加快数字中国建设，推动数字技术与实体经济深度融合，提高投资于物和投资于人的数字化、智能化水平。在投资于物方面，运用大数据、人工智能等技术优化投资决策，提高基础设施和产业项目的精准性，提升物质资本的运行效率。同时，利用数字技术提升投资于人效率，如发展在线教育、远程医疗等，打破时空限制，让优质的教育、医疗资源更广泛地惠及人民群众。建设一体化数字服务平台，整合教育、医疗、就业等民生数据，通过构建人才需求预测模型，精准识别不同产业、不同区域的人才缺口，实现人力资本投资需求与供给的智能匹配和定向配置。同时加强数字人才培养，打造既懂数字技术又了解产业需求的复合型人才队伍，为数字化转型提供人力支撑。

(The authors are specially-appointed researchers of the Beijing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era Research Center)

（作者为北京市习近平新时代中国特色社会主义思想研究中心特约研究员）

Online editor: Huihui

网络编辑：慧慧