China's efforts to scale up effective investment, with a particular focus on encouraging private sector participation and increasing investment in human capital, will play a key role in boosting domestic demand next year, officials and experts said.
政府工作人员和专家表示,中国扩大有效投资的举措,特别是鼓励民营企业参与和增加人力资本投资,将在明年提振内需方面发挥关键作用。
The annual Central Economic Work Conference, held earlier this month, emphasized the need to "halt the decline in investment and promote its recovery" amid a complex external environment.
本月早些时候召开的年度中央经济工作会议强调,在复杂的外部环境下,必须“遏制投资下滑趋势,促进投资回升”。
The government needs to effectively drive investment by making good use of funding sources such as central government budget investments, ultra-long-term special treasury bonds and local government special bonds, Xinhua News Agency quoted an official of the Office of the Central Commission for Financial and Economic Affairs as saying.
新华社援引中央财经委员会办公室一位政府工作人员的话称,政府需要有效利用中央财政预算投资、超长期国债和地方政府专项债券等资金来源,有效引导投资。
"The government will support private firms' participation in major projects in sectors such as railways and nuclear power, and guide private investment toward new fields such as high-tech industries and the service sector," the official said.
该工作人员表示:“政府将支持民营企业参与铁路、核电等领域的大型项目,引导民营资本投向高新技术产业、服务业等新兴领域。”
The official added that major projects set for the 15th Five-Year Plan (2026-30) period could be front-loaded where conditions permit.
该工作人员补充说道,在条件允许的情况下,原定于第十五个五年计划(2026-2030年)期间实施的重大项目可提前启动。
China's fixed-asset investment fell 2.6 percent year-on-year in the first 11 months of the year, according to the National Bureau of Statistics.
国家统计局数据显示,今年前11个月,中国固定资产投资同比下降2.6%。
China has rolled out a series of targeted policies over the past year, including an 800 billion yuan ($113.8 billion) list of key projects to implement major national strategies and strengthen security capacity in key areas, and 500 billion yuan in new policy-based financial tools to supplement project capital.
过去一年,中国推出了一系列定向政策,包括8000亿元(1138亿美元)重点项目清单,以落实重大国家战略、强化重点领域安全保障能力,以及5000亿元新增政策性金融工具,用于补充项目资本金。
The economic agenda-setting meeting also called for greater investment in physical assets and human capital.
经济议程设定会议还呼吁加大对实物资产和人力资本的投资力度。
From the country's sprawling highway networks and bullet trains to its forest of urban high-rises, investment in physical assets played a crucial role in its economic growth over the past decades, said Yu Chunhai, executive dean of Renmin University of China's School of Economics.
中国人民大学经济学院执行院长于春海指出,从遍布全国的高速公路网络和高铁系统,到城市摩天大楼林立的景象,过去数十年来,实物资产投资在推动中国经济增长方面发挥了关键作用。
However, Yu noted that the country'sincremental capital output ratio, which indicates the amount of capital required for every 1 yuan increase in GDP, increased from 2.84 in 2008 to 9.44 in 2023.
然而,于春海指出,中国的边际资本产出比(即每增加1元GDP所需投入的资本量)从2008年的2.84上升至2023年的9.44。
Meanwhile, facing diminishing returns from the old growth model and a global shift toward talent-centric competition, China is placing a strategic bet on investing in people, analysts said.
与此同时,面对传统增长模式回报递减以及全球向人才竞争格局转变的趋势,中国正将战略重心转向人才投资,分析师指出。
Investment in human capital refers to inputs that develop people's capabilities and unlock their potential at all stages of life, including childcare, elderly care, health, education and skills training.
人力资本投资指在人生各个阶段提升个人能力、释放潜能的投入,包括儿童保育、老年护理、健康保障、教育培养及技能培训。
An aging population and rising labor costs are eroding the traditional demographic advantage. By prioritizing investment in human capital, China seeks to build long-term economic competitiveness for innovation-driven, demand-led growth, said Chen Wenling, former chief economist at the China Center for International Economic Exchanges.
中国国际经济交流中心前首席经济学家陈文玲指出,老龄化人口和不断上升的劳动力成本正在侵蚀传统的人口红利优势。通过优先投资人力资本,中国致力于构建长期经济竞争力,推动创新驱动、需求引领的增长模式。
"A healthier, better-educated and more secure workforce is the most critical infrastructure for the next stage of China's development," Chen said. "Sustained investment in people's capabilities, health and career development doesn't just improve well-being—it directly fuels economic upgrading."
陈文玲表示:“更健康、受教育程度更高、更有保障的劳动力队伍,是中国下一阶段发展最关键的基础设施。持续投资于人民的能力、健康和职业发展,不仅能提升福祉,更能直接推动经济升级。”
Meanwhile, analysts believe that investing in people could also help unlock the spending power of China's massive population, creating a virtuous cycle in which social investment fuels consumption resilience.
与此同时,分析人士认为,投资于人力资本也有助于释放中国庞大人口的消费潜力,从而形成良性循环,社会投资推动消费韧性增强。
The enhanced investments in pensions, childcare and healthcare are designed to alleviate theprecautionary savings burdens that constrain household spending, said Luo Zhiheng, chief economist and head of the research institute at Yuekai Securities.
粤开证券首席经济学家兼研究院院长罗志恒表示,加大养老、育儿和医疗领域的投资力度,旨在缓解制约家庭支出的预防性储蓄负担。
"This approach transforms social spending into a powerful economic driver. A more secure population is likely to spend more freely," Luo said. "The direction aligns with China's broader economic objectives of rebalancing growth toward high-quality domestic demand."
罗志恒表示:“这种做法将社会支出转化为强有力的经济驱动力。生活更有保障的人群往往更愿意消费。该方向与中国更广泛的经济目标相契合,即推动经济增长向高质量的内需转型。”
incremental
adj./ˌɪŋ.krəˈmen.t̬əl/
递增的
precautionary
adj./prɪˈkɑː.ʃən.er.i/
预防性的