The Philosophical Connotation of “Investing in People”

“Investing in people” uses the terminology of economics to express a profound philosophical concept and development philosophy. From the perspective of historical materialism, “the people are both the creators of history and the witnesses of history, both the ‘actors in the drama’ of history and the ‘playwrights’ of history.” [1]1 This is a quotation from Xi Jinping’s speech at the Forum on Literature and Art Work (2014). The socialist modernization construction carried out by the Communist Party of China uniting and leading the Chinese people is a modernization in which development is for the people, development relies on the people, and the fruits of development are shared by the people. The Fourth Plenary Session of the 20th Central Committee of the Party [2]2 The Fourth Plenary Session of the 20th Central Committee of the CPC was held in July 2024. proposed adhering to the “close integration of investing in things and investing in people.” This is a concrete manifestation of the Chinese characteristics, essential requirements, and major principles of Chinese-path modernization, highlighting the inherent requirements that “the essence of modernization is the modernization of people” and “the ultimate goal of modernization is to realize the free and comprehensive development of people.”

“投资于人”用经济学术语的方式表达了深刻的哲学观念与发展理念。在唯物史观视域中，“人民既是历史的创造者、也是历史的见证者，既是历史的‘剧中人’、也是历史的‘剧作者’”。中国共产党团结带领中国人民所进行的社会主义现代化建设就是发展为了人民、发展依靠人民、发展成果由人民共享的现代化。党的二十届四中全会提出，坚持“投资于物和投资于人紧密结合”。这是中国式现代化的中国特色、本质要求、重大原则的具体体现，彰显了“现代化的本质是人的现代化”“现代化的最终目标是实现人自由而全面的发展”的内在要求。

The Theoretical Foundation of “Investing in People”

“投资于人”的理论根基

“Investing in people” represents a profound advance in the concept of investment and development. Investment, as a key means of resource allocation, is essentially a prediction of and input into future value growth. The proposal of “close integration of investing in things and investing in people” breaks the limitation of the traditional investment concept that “sees things but not people,” achieving a profound transformation in investment logic to “see things and even more so see people.” From the perspective of Marxist philosophy, “investing in people” is not a negation of the profit-seeking nature of investment, but an elevation and optimization of investment concepts, directions, and priorities. It holds significant importance for enhancing development momentum, expanding domestic demand, and promoting the free and comprehensive development of people. It both continues the basic attribute of investment pursuing value creation and endows it with the ultimate value goal of “investing in people’s development.” Its philosophical connotation is rooted in the Marxist theory of human emancipation, manifesting the Chinese Communists’ profound grasp of the essence of development and the laws of investment, and providing a fundamental value guideline for promoting high-quality development in the New Era.

“投资于人”是投资发展理念的深刻进步。投资作为资源配置的关键手段，其本质是对未来价值增长的预判与投入，而“投资于物和投资于人紧密结合”的提出，打破了传统投资理念中“见物不见人”的局限，实现了投资逻辑“见物更见人”的深刻转变。从马克思主义哲学的角度来看，“投资于人”并非对投资逐利属性的否定，而是对投资理念、方向、重点的提升和优化，对于增强发展动能、扩大国内需求、促进人自由而全面的发展有着重要意义。它既延续了投资追求价值创造的基本属性，又赋予了“投资于人的发展”这一终极价值目标，其哲学内涵根植于马克思主义人的解放理论，彰显着中国共产党人对发展本质与投资规律的深刻把握，为新时代推动高质量发展提供了根本价值遵循。

The concept of “investing in people” has a deep philosophical foundation. This concept is deeply rooted in Marxist humanistic thought and is a vivid practice of the Marxist theory of human emancipation and the theory of people’s comprehensive development in the New Era. General Secretary Xi Jinping has pointed out: “Marxism is broad and profound, but in the final analysis it comes down to one sentence: seeking emancipation for humanity.” [3]3 This is a quotation from Xi Jinping’s speech at a ceremony marking the 200th anniversary of Marx’s birth (2018). On the basis of criticizing capitalism, Marx and Engels clearly proposed that the ideal goal of future society is “the free and comprehensive development of every individual.” From the perspective of Marxist philosophy, people are the most active, dynamic, and positive factor among the productive forces, and are the subject and purpose of social and historical development. This attribute determines that “investing in people” is the most potential and sustainable form of investment. For a long time, the fundamental drawback of Western capitalist modernization has been that it focuses investment on capital accumulation while neglecting people’s development. “Investing in people” is precisely about breaking this Western value concept, reconstructing the value logic of investment, so that investment is no longer limited to things, but pays more attention to investment in enhancing people’s capabilities and developing their potential.

“投资于人”的理念有着深厚的哲学根基。这一理念深深根植于马克思主义人学思想，是马克思主义关于人的解放理论和人的全面发展理论在新时代的生动实践。习近平总书记指出：“马克思主义博大精深，归根到底就是一句话，为人类求解放。”马克思恩格斯在批判资本主义的基础上，明确提出未来社会的理想目标是“每个人的自由而全面的发展”。在马克思主义哲学视域中，人是生产力中最活跃、最能动、最积极的因素，是社会历史发展的主体和目的，这一属性决定了“投资于人”是最具潜力、最可持续的投资形态。长期以来，西方资本主义现代化的根本弊端在于，将投资的核心聚焦于资本增殖，而忽视人的发展。“投资于人”正是要破除这种西方价值理念，重构投资的价值逻辑，使投资不再仅仅局限于物，而更注重对人的能力提升和潜力开发的投入。

“People, in essence, are cultural people, not ‘reified’ people; they are active, comprehensive people, not rigid, ‘one-dimensional’ people.” [4]4 This is a paraphrase of a concept from Herbert Marcuse’s *One-Dimensional Man*, adapted by Xi Jinping in his book *Zhejiang This important statement by General Secretary Xi Jinping profoundly elucidates the philosophical connotation of “investing in people.” It indicates that the core value of investment lies not in short-term economic returns, but in achieving the dialectical unity of people’s instrumental value and subjective value through attention to people’s subjectivity and initiative, enabling everyone to become the master of their own development and a promoter of social progress. This transformation of investment logic is a contemporary development of Marxist humanistic theory, infusing investment practice with profound humanistic substance. In fact, China has always attached great importance to ensuring people’s wellbeing, such as increasing investment in education, healthcare, and elderly care. These are both necessary measures to safeguard and improve people’s livelihoods, achieve a high quality of life, and promote common prosperity for all people, and strategic initiatives to promote high-quality population development and the free and comprehensive development of people.

“人，本质上就是文化的人，而不是‘物化’的人；是能动的、全面的人，而不是僵化的、‘单向度’的人。”习近平总书记的这一重要论述深刻阐明了“投资于人”的哲学内涵。这表明，投资的核心价值不在于短期的经济回报，而在于通过对人的主体性和能动性的重视，实现人的工具价值与主体价值的辩证统一，让每个人都能成为自身发展的主人、社会进步的推动者。这种投资逻辑的转变，是对马克思主义人学理论的当代发展，为投资实践注入了深厚的人文底蕴。事实上，我国一直以来都高度重视民生保障，如加大对教育、医疗、养老等关于人的投资，这些既是保障和改善民生、实现高品质生活、推动全体人民共同富裕的必要之举，又是推动人口高质量发展、人自由而全面的发展的战略举措。

The Internal Dimensions of “Investing in People”

“投资于人”的内在维度

Emphasizing “investing in people,” especially adhering to the “close integration of investing in things and investing in people,” reflects our Party’s clear understanding and profound grasp of the essence, laws, and path of development for people and society. “Investing in people” is by no means a simple investment in people’s livelihoods or accumulation of human capital; it contains profound philosophical concepts and development philosophies, which can be understood from three dimensions: axiology, praxeology, and systems theory:

强调“投资于人”，特别是坚持“投资于物”和“投资于人”紧密结合，体现了我们党对人与社会的发展本质、发展规律和发展路径的清醒认识和深刻把握。“投资于人”绝非简单的民生投入或人力资本积累，其中蕴含着深刻的哲学观念和发展理念，可从价值论、实践论、系统论三个维度来认识：

First, at the axiological level, establishing the value subjectivity of people, manifesting the fundamental stance of being “people-centered.” The core requirement of “investing in people” is to realize the transformation and upgrading of the value orientation of investment from “taking things as the foundation” to “close integration of investing in things and investing in people,” clarifying that people’s development itself is both the ultimate goal of investment and an important pathway to achieving long-term sound economic development. In traditional investment models, investment often focuses on physical or virtual assets such as infrastructure, machinery and equipment, and financial assets. The evaluation criteria for investment focus on quantitative indicators like rate of return and appreciation rate, and people unconsciously become instrumental elements for achieving these indicators. Although this investment model can promote aggregate economic growth in the short term, it easily overlooks people’s real needs and value realization, leading to a disconnect between investment and development, and even triggering problems such as widening wealth gaps and intensifying social contradictions. Philosophically, this investment logic falls into the trap of “instrumental rationality,” placing the instrumental value of investment above its purposive value, deviating from the original intention of investment serving people’s development. “Investing in people” reverses this value orientation, placing people’s value first. This is essentially a respect for and guarantee of people’s life value, development value, and dignity value. Against the backdrop of global industrial competition shifting from “capital-intensive” to “talent-intensive,” promoting the transformation of China’s economic growth momentum mechanism, achieving innovation-driven and demand-pulled growth, urgently requires increasing investment in people, promoting human capital accumulation, and forming a “human capital dividend.” Only in this way can we build the core competitiveness of the economy and win strategic initiative in the new round of technological revolution and industrial transformation.

一是在价值论层面，确立人的价值主体性，彰显“以人民为中心”的根本立场。“投资于人”的核心要求是实现投资价值取向从“以物为本”到“投资于物和投资于人紧密结合”的转变与升级，明确人的发展本身既是投资的最终目的，也是实现经济长期向好发展的重要途径。传统投资模式中，投资往往侧重于基础设施、机器设备、金融资产等实物或虚拟资产，投资的评价标准聚焦于回报率、增值率等量化指标，人不知不觉成为实现这些指标的工具性要素。这种投资模式虽然能在短期内推动经济总量增长，却容易忽视人的真实需求和价值实现，导致投资与发展脱节，甚至引发贫富差距加大、社会矛盾加剧等问题。从哲学上看，这种投资逻辑陷入了“工具理性”的误区，将投资的手段价值凌驾于目的价值之上，背离了投资服务于人的发展的本质初衷。“投资于人”则扭转了这种价值取向，将人的价值放在首位，这本质上是对人的生命价值、发展价值和尊严价值的尊重与保障。在全球产业竞争已从“资本密集”转向“人才密集”的大趋势下，推动我国经济增长动力机制转换，实现创新驱动、需求拉动，亟须加大对人的投资，推动人力资本积累，形成“人力资本红利”。只有这样，才能构筑经济发展的核心竞争力，在新一轮科技革命和产业变革中赢得战略主动。

Second, at the level of the theory of practice, it stimulates people’s subjective initiative and forms a virtuous cycle of “developmental symbiosis.” “Investing in people” is a vivid application of the philosophical principle that “practice is the source and driving force of knowledge”; its core lies in empowering people’s practical abilities, stimulating their subjective initiative, and forming a pattern of positive interaction and mutual achievement between individual development and social progress. Marx held that “the vocation, mission, and task of every person is to develop all their abilities comprehensively.” [5]5 This is a paraphrase of a passage from Marx and Engels’ *The German Ideology* (1845–1846), where they argue that under communism individuals develop all their faculties in a comprehensive manner. The development of human abilities cannot be separated from practice, and “investing in people” precisely provides the necessary conditions for the enhancement of individuals’ practical abilities. As practical subjects deeply embedded in social networks and the dynamic process of history, people are both the starting point and the end point of development. On the one hand, “investing in people” accelerates the construction of a high-quality education system, raising individuals’ knowledge levels, skill competencies, and innovative capacities. In today’s world, where changes unseen in a century are accelerating, this kind of “investment” focused on individual development is increasingly important. In the current era, cultivating scientific and technological innovation talent is key to driving technological breakthroughs. Training high-quality scientific and technological personnel is an important foundation for promoting technological innovation and industrial upgrading. The enhancement of high-tech capabilities not only allows individuals to realize value appreciation in their labor practice but also boosts total factor productivity, injecting endogenous momentum into high-quality economic development. On the other hand, “investing in people” provides solid social security and services for individual practice through measures such as optimizing the allocation of medical resources and improving the policy system for childbirth support. Only when people are freed from worries about illness, old-age care, housing, and other life concerns can they more fully engage in creative practice. This coordinated investment and integrated advancement both guarantees the practical efficacy of people as “producers” and upholds the dignity of people as “living beings,” achieving a simultaneous improvement in people’s practical abilities and quality of life. Practice has proven that when individuals’ subjective initiative is fully activated, it can converge into a powerful force driving high-quality economic and social development, forming a virtuous cycle of comprehensive human development and comprehensive social progress.

二是在实践论层面，激发人的主体能动性，形成“发展共生”的良性循环。“投资于人”是对“实践是认识的来源与发展动力”这一哲学原理的生动运用，其核心在于通过赋能人的实践能力，激发人的主体能动性，形成个体发展与社会进步良性互动、彼此成就的格局。马克思认为，“任何人的职责、使命、任务就是全面地发展自己的一切能力”。人的能力发展离不开实践，而“投资于人”正是为个体实践能力的提升提供必要条件。作为深植于社会关系网络与历史动态进程之中的实践主体，人是发展的出发点和落脚点。一方面，“投资于人”通过加快建设高质量教育体系，提升个体的知识水平、技能素养和创新能力。在世界百年未有之大变局加速演进的今天，这种聚焦于个人发展的“投资”愈发重要。当今时代，科技创新人才的培养是推动技术突破的关键。培养高素质科技人才是推动技术创新和产业升级的重要基础。高新技术能力的提升不仅让个体在劳动实践中实现价值增值，更能促进全要素生产率的提升，为经济高质量发展注入内生动力。另一方面，“投资于人”通过优化医疗资源配置、健全生育支持政策体系等举措，为个体实践提供坚实的社会保障和服务。只有当人摆脱了疾病、养老、住房等生活顾虑时，才能更充分地投入创造性实践中。这种协同投入与协调推进，既保障了人作为“生产者”的实践效能，又维护了人作为“生命体”的尊严，实现了人的实践能力与生活品质的同步提升。实践证明，当个体的主体能动性被充分激活时，就能汇聚为推动经济社会高质量发展的强大力量，形成人的全面发展与社会全面进步的良性循环。

Third, at the level of the systems concept, it grasps the holistic nature of human development and promotes the dynamic process of “comprehensive coordination.” “Investing in people” embodies a profound systems concept; it deeply grasps the holistic and interconnected nature of human development, emphasizes starting from the people, and constructs a comprehensive, multi-level system to promote the full coordination of human development with social development, and of material progress with cultural-ethical progress. “Investing in people” is precisely based on this holistic understanding, avoiding one-dimensional, partial investment and achieving comprehensive empowerment of human development. “Investing in people” has basically achieved full coverage, reflecting equal respect for people’s right to development and serving as an important manifestation of promoting social fairness and justice. “Investing in people” runs through all stages of people’s lives—education, employment, medical care, old-age care, and so on—forming a network of livelihood security that covers the entire life cycle and all processes. These measures are interconnected and organically unified, providing sustained and effective guarantees for everyone’s comprehensive development.

三是在系统观念层面，把握人的发展整体性，推动“全面协调”的动态进程。“投资于人”蕴含着深刻的系统观念，它深刻把握人的发展的整体性和关联性，强调从人民群众出发，构建全方位、多层次的体系，推动人的发展与社会发展、物质文明与精神文明的全面协调。“投资于人”正是基于这种整体性认知，避免了单一维度的片面投入，实现了对人的发展的全面赋能。“投资于人”基本实现了全覆盖，体现了对人的发展权利的平等尊重，是促进社会公平正义的重要体现。“投资于人”贯穿于人的教育、就业、医疗、养老等各个阶段，形成了覆盖生命全周期全过程的民生保障网络。这些举措相互衔接、有机统一，为每个人的全面发展提供了持续有效保障。

Emphasizing “investing in people” does not mean negating “investing in things”; rather, it aims to achieve their dialectical unity and coordinated development. “Investing in things” refers to investment in the means of production and the material base; its core is to consolidate the material and technological conditions for economic and social development, providing the necessary material guarantee for “investing in people.” “Investing in people” refers to investment in human resources and human potential; its core is to cultivate the main force of development, providing efficient value-conversion capacity for “investing in things.” “Investing in people” divorced from “investing in things” will be difficult to implement due to a lack of material foundation; “investing in things” divorced from “investing in people” will fall into an inefficient cycle due to a lack of subject empowerment. The two complement each other and together constitute the investment support system for high-quality development. This systematic and coordinated investment philosophy breaks through the one-sidedness of “either-or” thinking, embodies the comprehensive requirement of materialist dialectics, and provides scientific methodological guidance for promoting high-quality development in the New Era.

强调“投资于人”，并非否定“投资于物”，而是要实现二者的辩证统一与协调发展。“投资于物”是对生产资料、物质基础的投入，其核心是夯实经济社会发展的物质技术条件，为“投资于人”提供必要的物质保障；“投资于人”是对人力资源、人的潜能的投入，其核心是培育发展的主体力量，为“投资于物”提供高效的价值转化能力。脱离“投资于物”的“投资于人”，会因缺乏物质基础而难以落地；脱离“投资于人”的“投资于物”，会因缺乏主体赋能而陷入低效循环。二者相辅相成，共同构成高质量发展的投资支撑体系。这种系统协调的投资理念，打破了非此即彼的片面性，体现了唯物辩证法的全面性要求，为新时代推动高质量发展提供了科学的方法论指导。

(Author: Zhang Dang, Associate Professor, School of Marxism Studies, Renmin University of China)

（作者：张当，系中国人民大学马克思主义学院副教授）