Persist in Closely Integrating Investment in Things and Investment in People

Persisting in closely integrating investment in things and investment in people is an inevitable requirement for entering the new stage of development and an active choice in China’s long-term development planning. General Secretary Xi Jinping emphasized at the opening ceremony of a special seminar for major leading officials at the provincial and ministerial level on studying and implementing the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China [1]1 The Fourth Plenary Session of the 20th Central Committee of the CPC, held in July 2024, focused on further deepening reform comprehensively to advance Chinese modernization., “We must adhere to domestic circulation as the mainstay, correctly handle the relationship between consumption and investment, and between demand and supply, persist in closely integrating improving people’s wellbeing and promoting consumption, and investment in things and investment in people, strive to improve the quality and efficiency of the national economic cycle, and make domestic demand the main driving force of economic development.” The period of the 15th Five-Year Plan [2]2 The 15th Five-Year Plan (2026-2030) is the upcoming national development plan. is a crucial period for basically realizing socialist modernization. Deeply understanding the contemporary significance of closely integrating investment in things and investment in people, accurately grasping its scientific connotation, and actively exploring its realization path can lay a solid foundation for comprehensively advancing the construction of a strong country and the great rejuvenation of the Chinese nation through Chinese-path modernization.

坚持投资于物和投资于人紧密结合，是步入新发展阶段的必然要求，也是我国谋划长远发展目标的主动选择。习近平总书记在省部级主要领导干部学习贯彻党的二十届四中全会精神专题研讨班开班式上强调，“要坚持以国内大循环为主体，正确处理消费和投资、需求和供给的关系，坚持惠民生和促消费、投资于物和投资于人紧密结合，努力提高国民经济循环质量和效率，让内需成为经济发展的主动力”。“十五五”时期是基本实现社会主义现代化的关键时期，深刻认识投资于物和投资于人紧密结合的时代意蕴，准确把握其科学内涵，积极探索其实现路径，能够为以中国式现代化全面推进强国建设、民族复兴伟业奠定坚实基础。

1. The Contemporary Significance of Persisting in Closely Integrating Investment in Things and Investment in People

1.坚持投资于物和投资于人紧密结合的时代意蕴

“Investment in things” refers to investment in tangible physical assets, including areas such as new infrastructure, urban renewal, and science and technology innovation platforms. It improves basic conditions and enhances production efficiency through material accumulation, providing fundamental support for economic and social development. “Investment in people” refers to directing more fiscal funds and public resources towards livelihood fields such as education, employment, healthcare, elderly care, and social security, and investing in the enhancement of people’s development capabilities, health maintenance, and potential development, in order to improve human capital and unleash consumption potential, thereby promoting high-quality economic and social development. Its essence lies in enhancing individuals’ skills, qualities, health levels, and social adaptability, improving their knowledge capital and cultural capital, and thereby raising the human capital and skill levels of the entire society, transforming “human resources” into sustainable and value-adding “human capital.”

“投资于物”，是指对有形实物资产进行投资，包括新型基础设施、城市更新和科创平台等领域，通过物质积累改善基础条件、提升生产效率，为经济社会发展提供基础性支撑。“投资于人”，则是指将更多财政资金和公共资源投向教育、就业、医疗、养老、社会保障等民生领域，投入人的发展能力提升、健康维护和潜能开发中，以提升人力资本和释放消费潜力，进而推动经济社会高质量发展。其本质在于通过提升人的技能、素质、健康水平和社会适应性，提升个体的知识资本、文化资本，进而提升全社会的人力资本和技能水平，将“人力资源”转化为可持续增值的“人力资本”。

In December 2015, the Central Economic Work Conference proposed the important concept of “investment in people.” In May 2023, General Secretary Xi Jinping emphasized at the first meeting of the 20th Central Committee for Financial and Economic Affairs [3]3 The Central Committee for Financial and Economic Affairs is a top-level decision-making body under the CPC Central Committee for economic and financial work., “Closely integrate ‘investment in things’ with ‘investment in people.’” The Fourth Plenary Session of the 20th Central Committee further proposed to “persist in closely integrating improving people’s wellbeing and promoting consumption, and investment in things and investment in people.” By closely integrating investment in things and investment in people, and closely linking high-quality development with the people’s high-quality life, this represents a deepening understanding of China’s development model, investment philosophy, and direction. Practicing this concept holds significant and far-reaching importance for adhering to a people-centered approach, constructing a new development pattern, achieving common prosperity for all people, and gaining the initiative in international competition.

2015年12月，中央经济工作会议提出“投资于人”这一重要概念。2023年5月，习近平总书记在二十届中央财经委员会第一次会议上强调，“把‘投资于物’同‘投资于人’紧密结合起来”。党的二十届四中全会进一步提出，要“坚持惠民生和促消费、投资于物和投资于人紧密结合”。通过投资于物和投资于人紧密结合，把高质量发展同人民高品质生活紧密联系起来，是对我国发展方式、投资理念和方向的认识深化。践行这一理念，对于坚持人民至上、构建新发展格局、实现全体人民共同富裕、赢得国际竞争主动权具有重大而深远的意义。

A direct manifestation of the people-centered development philosophy. Investment in people is proposed in relation to investment in things, reflecting a development philosophy that “sees things but even more so sees people,” and embodying the superiority of the socialist system with Chinese characteristics. As the efficiency of the traditional model of driving growth through infrastructure and projects declines, high-quality development increasingly relies on the accumulation of abundant talent resources and human capital. Only by adhering to a people-centered approach and closely combining the material support of investment in things with the capacity building and quality improvement of investment in people can development momentum be enhanced, promoting a shift in economic development from the previous scale-speed type to a quality-efficiency type.

以人民为中心发展思想的直接体现。投资于人是相对于投资于物提出来的，体现了“见物更见人”的发展理念，体现了中国特色社会主义制度优越性。随着传统以基建和项目拉动增长的模式效率下降，高质量发展越来越依靠丰富人才资源和人力资本的积累。只有坚持人民至上，将投资于物的物质支撑和投资于人的能力培育与素质提升紧密结合，才能增强发展动能，推动经济发展从以往规模速度型转向质量效益型。

An important lever for constructing a new development pattern. A strong domestic market is the strategic foundation for Chinese-path modernization and a crucial support for constructing a new development pattern. The “Proposal of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development” [4]4 This proposal is a key policy document drafted by the CPC Central Committee to guide the formulation of the 15th Five-Year Plan. proposes to “adhere to the strategic basis of expanding domestic demand.” From 2021 to 2024, the average contribution rate of domestic demand to China’s economic growth was 86.4%, and the average contribution rate of final consumption to economic growth was 56.2%, reflecting the strong resilience of China’s super-large market. Persisting in closely integrating investment in things and investment in people helps form a dynamic balance where new demand leads new supply and new supply creates new demand, enhances the endogenous driving force and reliability of domestic circulation, uses the inherent stability and long-term growth of domestic circulation to hedge against the uncertainties of international circulation, and solidifies the foundation of the new development pattern.

构建新发展格局的重要抓手。强大国内市场是中国式现代化的战略依托，也是构建新发展格局的重要支撑。《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》提出，要“坚持扩大内需这个战略基点”。2021年至2024年，内需对我国经济增长的平均贡献率达86.4%，最终消费对经济增长的平均贡献率达56.2%，体现了我国超大规模市场的强大韧性。坚持投资于物和投资于人紧密结合，有助于形成新需求引领新供给、新供给创造新需求的动态平衡，增强国内大循环内生动力和可靠性，以国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性，筑牢新发展格局的根基。

An inevitable requirement for achieving common prosperity. Currently, people’s demands for healthy bodies, quality experiences, and capacity enhancement are continuously rising. Development-oriented consumption and service-oriented consumption, such as education, health and wellness, culture and sports, and tourism, have become new consumption hotspots. Investment in things helps consolidate the material foundation for common prosperity and improve the level of equalization of basic public services between urban and rural areas, while investment in people helps individuals enhance their development capabilities and promotes the improvement of people’s wellbeing and social equity. Practice has proven that persisting in closely integrating investment in things and investment in people, and prioritizing ensuring and improving people’s wellbeing in government public fiscal expenditure, is an inevitable requirement for promoting the comprehensive development of individuals and achieving common prosperity for all people.

实现共同富裕的必然要求。当前，人们对于健康身体、美好体验、能力提升等方面的需求持续上升，教育、康养、文体、旅游等发展型消费和服务型消费成为新的消费热点。投资于物有助于夯实共同富裕的物质基础、提升城乡基本公共服务均等化水平，投资于人则助力个人提升发展能力、促进民生改善与社会公平。实践证明，坚持把投资于物和投资于人紧密结合，把保障和改善民生作为政府公共财政支出的优先方向，是推动人的全面发展、实现全体人民共同富裕的必然要求。

A strategic choice for gaining the initiative in international competition. As a strategic resource for achieving high-level scientific and technological self-reliance and gaining the initiative in international competition, talent is an important indicator for measuring a country’s comprehensive national strength. Whoever can cultivate and attract more outstanding talent will gain an advantage and initiative in competition. Investment in things provides the basic platform for scientific and technological innovation, from the independent and controllable nature of core technologies to the deep empowerment of livelihood fields and the continuous improvement of the innovation ecosystem, further consolidating the development foundation for high-level scientific and technological self-reliance; investment in people focuses on the independent cultivation and introduction of innovative talent, stimulating the driving force and vitality of entrepreneurship, innovation, and creation, forming a talent dividend, and enabling talents in all fields to find their proper place and fully display their strengths. Persisting in closely integrating investment in things and investment in people helps promote high-level scientific and technological self-reliance, accelerate the establishment of a competitive advantage in talent resources, seize the commanding heights of technological development, and gain more initiative and voice in global competition.

赢得国际竞争主动的战略选择。作为实现高水平科技自立自强、赢得国际竞争主动的战略资源，人才是衡量一个国家综合国力的重要指标。谁能培养和吸引更多优秀人才，谁就能在竞争中占据优势和主动。投资于物为科技创新提供基础平台，从核心技术的自主可控，到民生领域的深度赋能、创新生态的持续完善，进一步筑牢高水平科技自立自强的发展根基；投资于人则聚焦创新人才自主培养与引育，激发创业创新创造动力活力，形成人才红利，使各方面人才能够各得其所、尽展其长。坚持投资于物和投资于人紧密结合，有助于推动高水平科技自立自强，加快建立起人才资源竞争优势，抢占科技发展制高点，在全球竞争中掌握更多主动和话语权。

2. The Realization Path for Promoting the Close Integration of Investment in Things and Investment in People

2.推动投资于物和投资于人紧密结合的实现路径

People are the most dynamic factor of production in economic activities, the subject who creates history, and also the starting point and ultimate goal of development. With the transformation of China’s development model and profound changes in economic and social structures, the “human” factor has become fully prominent. Emphasizing investment in people in the new stage of development does not mean neglecting or weakening investment in things; rather, it means closely integrating the two, adjusting and optimizing current investment philosophies, directions, and priorities, promoting two-way quality and efficiency improvement in the “carrying capacity of things” and the “empowerment of people,” and ultimately achieving the comprehensive development of individuals and the overall progress of society. Persisting in closely integrating investment in things and investment in people particularly requires focusing on establishing systematic thinking, optimizing investment structures, strengthening institutional construction, and promoting coordinated efforts between “things” and “people.”

人是经济活动中最具活力的生产要素，是创造历史的主体，也是发展的出发点和落脚点。随着我国发展方式转型，经济结构与社会结构深刻变化，“人”的因素全面凸显。在新发展阶段特别强调投资于人，并非忽视或削弱投资于物，而是要将二者紧密结合，调整和优化当前投资理念、方向和重点，推动“物”的承载与“人”的赋能双向提质增效，最终实现人的全面发展和社会全面进步。坚持投资于物和投资于人紧密结合，尤其要注重建立系统思维，优化投资结构，加强制度建设，促进“物”“人”协同发力。

Coordinating the construction of a “things”-“people” coordination mechanism with systematic thinking. In the critical period of laying the foundation and making comprehensive efforts to basically realize socialist modernization, the major proposition of “persisting in closely integrating investment in things and investment in people” has been put forward. To comprehensively promote the close integration of investment in things and investment in people, it is necessary to adhere to systematic thinking and handle multiple relationships. First, handle the relationship between the government and the market, promoting a better combination of an effective market and a proactive government. This involves both fully leveraging the decisive role of the market in resource allocation, cultivating more vibrant and creative market entities, guiding private capital to participate in livelihood fields and major project construction, and strengthening the foundation for common prosperity, while also better leveraging the government’s role through planning guidance and policy guarantees to secure, accurately target, and firmly hold the bottom line of people’s wellbeing. Second, handle the relationship between the present and the long term. This involves both strengthening investment in major infrastructure and livelihood guarantees to achieve the development goals of continuously stabilizing employment, enterprises, markets, and expectations, and also focusing on the long term by increasing the proportion of investment in basic research, key core technologies in priority areas, and education, increasing long-term stable support, and accumulating development momentum and abundant talent resources for modernization construction. Finally, handle the relationship between the whole and the parts. Leverage the synergistic effects of the regional coordinated development strategy, major regional strategies, and the new urbanization strategy, optimize the layout of major productive forces investment nationwide, and construct a regional economic layout with complementary advantages and coordinated “things”-“people” investment.

以系统思维统筹构建“物”“人”协同机制。在基本实现社会主义现代化夯实基础、全面发力的关键时期，提出了“坚持投资于物和投资于人紧密结合”这一重大命题。统筹推进投资于物和投资于人紧密结合，必须坚持系统思维，处理好多重关系。首先，处理好政府和市场的关系，推动有效市场和有为政府更好结合，既充分发挥市场在资源配置中的决定性作用，培育更加活跃更有创造力的市场主体，引导民间资本参与民生领域和重大项目建设，壮大共同富裕根基，又更好发挥政府作用，通过规划引领和政策保障兜住、兜准、兜牢民生底线。其次，处理好当前和长远的关系，既注重加强重大基础设施和民生保障投资力度，实现持续稳就业、稳企业、稳市场、稳预期的发展目标，又着眼长远，提高基础研究、重点领域关键核心技术、教育投入比重，加大长期稳定支持，为现代化建设积蓄发展动能和丰富人才资源。最后，处理好整体和局部的关系。发挥区域协调发展战略、区域重大战略、新型城镇化战略叠加效应，优化全国范围内重大生产力投资布局，构建优势互补、“物”“人”协同投资的区域经济布局。

Optimize the investment structure, innovate pathways for the synergy of factors, and activate the synergistic impetus of “things” and “people.” Optimizing the government investment structure and innovating pathways for the synergy of factors is a foundational project for achieving the coordinated development of investment in things and investment in people. In terms of investment in things, centering on constructing a modern industrial system and a modern infrastructure system, adhere to the directions of intelligence, greenness, and integration, with key investments directed toward advanced manufacturing, big data centers, artificial intelligence computing power centers, quantum communication networks, and other new types of infrastructure. At the same time, increase the proportion of government investment in the domain of people’s livelihoods, resolutely break through the sticking points and blockages hindering the construction of a unified national market, and enhance the precision of investment. In terms of investment in people, with the rapid development of artificial intelligence technology and the accelerated cultivation of new quality productive forces, the gap in China’s high-skilled talent is gradually becoming prominent. It is necessary to revolve around the needs of scientific and technological innovation, industrial development, and national strategy, strengthen human resource development, construct a full-life-cycle, full-chain policy support system for the population, reinforce the talent aggregation and cultivation functions of scientific research institutions, innovation platforms, enterprises, and science and technology plans, and cultivate more top-notch innovative talents. The improvement of individual laborers’ quality, enhancement of capabilities, and appreciation of human capital obtained through investment in people are not only important content of people’s all-round development but also important indicators of the improvement of social civilization, and moreover, important sources of social wealth growth and economic and social development. Through the balanced development of productive investment and human capital investment, achieve the synergistic exertion of “things” and “people,” and promote high-quality development.

优化投资结构，创新要素协同路径，激活“物”“人”协同动力。优化政府投资结构，创新要素协同路径，是实现物的投资与人的投资协同发展的基础性工程。在投资于物方面，以构建现代化产业体系、现代化基础设施体系为中心，坚持智能化、绿色化、融合化方向，重点投向先进制造业、大数据中心、人工智能算力中心、量子通信网络等新型基础设施，同时提高民生领域政府投资比重，坚决破除阻碍全国统一大市场建设的卡点堵点，提高投资的精准性。在投资于人方面，随着人工智能技术的飞速发展和新质生产力的加快培育，我国高技能人才缺口逐渐凸显。要围绕科技创新、产业发展和国家战略需求，加强人力资源开发，构建人口生命全周期、全链条政策支持体系，强化科研机构、创新平台、企业、科技计划的人才集聚培养功能，培育更多拔尖创新人才。投资于人所获得的劳动者个体素质提升、能力提升和人力资本增值不仅是人的全面发展的重要内容，也是社会文明程度提升的重要指标，更是社会财富增长和经济社会发展的重要源泉。通过生产性投资和人力资本投资的均衡发展，实现“物”“人”协同发力，推动经济高质量发展。

Take institutional construction as the guide, and firmly establish the foundation for the synergy of “things” and “people.” Establishing and perfecting an institutional system and policy system conducive to the close integration of investment in things and investment in people is the key to the synergistic exertion of “things” and “people.” It is necessary to accelerate the construction of a high-level socialist market economy system, better leverage the guiding role of economic system reform, and drive overall development leaps through breakthroughs in key area reforms. Fully stimulate the vitality of various types of business entities, perfect the long-term mechanism for private enterprises to participate in the construction of major projects, accelerate the improvement of the institutional mechanism for market-based allocation of factors, and promote the rational flow and efficient allocation of factor resources such as capital, talent, technology, and data. Improve the support service system for marriage, childbirth, and population development, as well as the mechanism for allocating public resources matching the resident population, and push more public services to sink to the grassroots level, cover rural areas, and tilt toward remote areas and people with living difficulties. Transform production-driven consumption-promotion policies, and perfect the long-term mechanism for expanding consumption. Improve the evaluation system and salary system oriented by innovation capability and contribution, optimize the introduction system for high-tech talent, implement the system of paid and staggered vacations, allow the vitality of innovation and creation in the whole society to fully surge, and realize the organic unity of “seeing things” and “seeing people.”

以制度建设为牵引，筑牢“物”“人”协同根基。建立健全有利于投资于物和投资于人紧密结合的制度体系和政策体系，是“物”“人”协同发力的关键。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，以重点领域改革突破带动整体发展跃升。充分激发各类经营主体活力，完善民营企业参与重大项目建设长效机制，加快完善要素市场化配置体制机制，促进资本、人才、技术、数据等要素资源合理流动和高效配置。健全婚育与人口发展支持服务体系及与常住人口相匹配的公共资源配置机制，推动更多公共服务向基层下沉、向农村覆盖、向边远地区和生活困难群众倾斜。变革生产驱动型的促消费政策，完善扩大消费长效机制。健全以创新能力和贡献为导向的评价体系和薪酬制度，优化高技术人才引进制度，落实带薪错峰休假制度，让全社会创新创造动力活力充分涌流，实现“见物”与“见人”的有机统一。

(Author: Lin Mei, Researcher at the Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and Professor at the Department of Scientific Socialism, Party School of the Central Committee of the CPC [National Academy of Governance])

（作者：林梅，系中央党校〔国家行政学院〕习近平新时代中国特色社会主义思想研究中心研究员、科学社会主义教研部教授）