China is a major country undergoing economic transformation. In the next 10 years, there is great potential for the transformation of economic structures such as consumption structure, industrial structure, technological structure, and urban-rural structure, with enormous growth potential. At the same time, it should also be noted that China's economic growth is integrated with economic transformation, and the economic and social structures are undergoing profound changes, with the "human" factor fully highlighted. To tackle challenges and take the initiative, the key lies in driving consumption and deepening the structural reform of "investing in people". "Investing in people" is an important prerequisite for stimulating consumption. Chinese path to modernization should focus on the modernization of people. Solving the problem of human modernization and investing more funds and resources in people is an important prerequisite for driving consumption, a key factor in achieving economic structural transformation, and a major task for high-quality development. Responding to significant changes in the external environment through domestic structural transformation. The core of winning strategic initiative is growth. Development and conflict are prominent contradictions that the world will face in the next 10 years. The main problem in the West is conflict, while the main goal in the East is development. Focusing on doing our own things well is the key to overcoming various risks and challenges, and constantly moving from victory to victory. Expanding domestic demand in all aspects is the greatest confidence to cope with risks and challenges. After more than 40 years of reform and opening up, China's economy has continued to grow rapidly, forming a super large market. We must make good use of the vast depth of the economy of a major country, effectively unleash the potential of the super large domestic demand market, and form a more stable, secure, and sustainable driving force for economic growth. Unleash the enormous domestic demand potential hidden in structural transformation. The transformation and upgrading of China's consumption structure, industrial structure, urban-rural structure, energy structure, trade structure, and other aspects are at a critical stage, and achieving 4% -5% economic growth is conditional and possible. The key is to invest in people. Promoting the process of structural transformation relies on breakthroughs in people-centered transformation. The productive service industry, which focuses on basic research and development and application innovation, highly relies on human capital and talent allocation structure. This requires fully unleashing the value of "people" and forming a new situation of integrated development between productive service industry and manufacturing industry. To unleash the enormous growth potential of structural transformation, it is necessary to increase investment in people. In 2024, driven by the trade in policy, the sales of automobiles, home appliances, home decoration, electric bicycles and other products in China will exceed 1.3 trillion yuan. In the medium to long term, the key to driving consumption lies in unleashing the enormous potential of service consumption, which requires comprehensive "investment in people" to enhance residents' willingness, confidence, and ability to consume services. Realize mutual promotion between economic structural transformation and social structural transformation. Entering a new stage of development, 'investing in people' has become the intersection of promoting economic and social structural transformation. Realizing the urbanization of migrant workers as soon as possible is not only a major task of urban-rural structural transformation, but also an important measure to promote the transformation of consumption structure and industrial structure. Resolve the contradictions and constraints of structural transformation through structural reform. Cracking the structural contradiction between investing in people and investing in things. In the new era of consumption, the release of consumption potential has a decisive impact on investment. If there is a lack of investment based on consumption, its output efficiency will continue to decline. In 2022, China's fixed assets investment will account for about 42% of GDP, which is at a high level. At the same time, the proportion of investment in people related to social security, basic healthcare, education, housing, etc. (around 16%) is relatively low. Cracking the structural constraints of the mismatch between supply structure and social demand structure. The demand for service consumption among urban and rural residents in China has significantly increased, but there is still a shortage of efficient and high-quality service supply. Taking elderly care as an example, in 2024, the proportion of elderly people aged 65 and above in China will be 15.6%, an increase of 0.2 percentage points from the previous year. From a practical perspective, a service supply system that adapts to changes in population structure has not yet been fully established. Addressing the structural challenges of policy adjustments and institutional reforms that are not compatible. The effectiveness of economic policies directly depends on breakthroughs in people-centered structural reforms. Without breakthroughs in structural reforms, the effectiveness of economic policies will be greatly reduced, and their scope of action will gradually become smaller. Accelerating the structural transformation of "investing in people" is the fundamental strategy for comprehensively expanding domestic demand and developing new quality productive forces, with the key lying in people. Talents are the primary driving force for innovation, and the key lies in improving the level of human capital. Accelerating the structural transformation of "investing in people" is an important goal of deepening structural reform and a fundamental strategy for comprehensively expanding domestic demand. Implement the concept of "putting people's livelihood first" and "investing in people". In the new stage of development, there have been significant changes in the demand structure of society. From a practical perspective, service-oriented consumption by urban and rural residents is a direct reflection of changes in social demand structure. We must fully implement the development concept of "putting people's livelihood first" and take ensuring and improving people's livelihood as the starting point and foothold of economic development. Fill in the relatively lagging gap of 'investing in people'. The proportion of service-oriented consumption among urban and rural residents is lower than expected, mainly due to low investment in people. By 2024, the per capita material consumption of rural residents has reached 65% of that of urban residents, but the per capita service-oriented consumption of rural residents is only about 46% of that of urban residents. Intensify investment in people. Boosting consumption, people's livelihood is paramount. While the growth rate of traditional investment is declining, there is still significant investment space in areas such as education, healthcare, elderly care, and community development for service consumption. In recent years, there has been a clear trend in China where the growth rate of service-oriented consumption expenditure is faster than that of commodity consumption. Ensuring and improving people's livelihoods is a major task of 'investing in people'. The urbanization of migrant workers is an important link in China's economic and social development. By 2024, the total number of migrant workers in China will be nearly 300 million. If estimated according to the lowest caliber, the cost of urbanization for migrant workers is about 160000 yuan; The initial solution to the equalization of basic public services between urban and rural areas requires an investment of about 30 trillion yuan. Narrowing the pension gap for all types of personnel. In 2024, the average monthly pension for retired personnel in government and public institutions will be 6300 yuan, which is nearly twice that of retired employees in enterprises and 30 times that of urban and rural residents. If the gap between the two is reduced from 30 times to 15 times, a total investment of about 5 trillion yuan is required. At the same time, it is necessary to significantly increase subsidies for basic medical insurance for rural residents and promote compulsory education at the high school level as soon as possible. Making 'investing in people' a major task in optimizing state-owned capital. Fully leveraging the significant role of state-owned capital in "investing in people" is conducive to amplifying the function of state-owned capital and is a major measure to enable members of society to generally share the social welfare created by the appreciation of state-owned capital. A new breakthrough in realizing the investment of state-owned capital in people. Allocate 10% -15% of state-owned assets to "invest in people", fill the gaps in public services, and invest in people-centered urbanization. The investment scale will reach 30 trillion -50 trillion yuan. Give full play to the leading role of state-owned capital in "investing in people". It is suggested to formulate a medium - to long-term plan for the transfer of state-owned capital to social security, with a focus on supporting the urbanization of migrant workers and improving the level of equalization of basic public services between urban and rural areas. It is necessary to optimize the previous evaluation criteria based on economic benefits such as total tax payment and GDP contribution in the comprehensive deepening of reform, focusing on the special role of central and state-owned enterprises in strategic infrastructure construction, basic public service guarantee, maintenance of industrial and supply chain security, promotion of scientific and technological innovation, and attraction of private enterprise participation. Strategic, long-term, and comprehensive evaluations should be carried out, and corresponding assessment standards should be established. Identifying the intersection of "investing in people" and "investing in goods" and deepening the structural reform of "investing in people", overall, China has a large demand and space for investment in "people". The key to effectively addressing the prominent contradiction of insufficient aggregate demand lies in promoting structural transformation and reform through "investing in people". After addressing the overall issue of "investing in goods", it is necessary to focus more on "investing in people" and find the right combination point between "investing in people" and "investing in goods". Promote a new type of urbanization centered around people. Urbanization is the main carrier of "investing in people" and an important combination of "investing in people" and "investing in things". The relatively lagging investment in people in China is directly related to the low level of urbanization. In the future, new urbanization should be the main carrier to achieve mutual promotion between consumption and investment, and fully unleash total demand. Promoting urbanization, improving residents' income and the quality of basic public services in rural areas, and creating important conditions for unleashing domestic demand potential. Resolving the prominent contradiction of urbanization lagging behind industrialization. At present, China has generally entered the late stage of industrialization, but the level of urbanization still lags behind the level of industrialization, which has formed a prominent constraint on the upgrading of consumption structure. For example, in 2023, the urbanization rate of China's permanent population will be 66.16%, while the urbanization rate of registered residence population will be only about 48%. There is still a gap of about 17 percentage points between the two. This is not only incompatible with the stage of industrialization in China, but also a certain gap compared with the level of developed countries in the world. Promote a new type of urbanization centered around people. For example, the urban and rural dual registered residence system should be abolished as soon as possible to achieve a major breakthrough in the citizenization of migrant workers; Implementing a residence permit system directly linked to basic public services, enabling the massive group of migrant workers to stay in cities and live in dignity; Change the traditional approach of "managing people with certificates" and achieve a transformation of population services based on "big data"; Intensify the construction of the rural public service system, raise the compensation standards for the new rural cooperative medical insurance, and increase the subsidies for rural pension insurance and elderly care in rural areas. Promote a people-centered investment transformation. Promote investment transformation that is in line with the structure of human needs. Currently, while the growth rate of traditional investment is declining, there is still significant investment space in service consumption areas such as education, healthcare, elderly care, and community construction. The formation of new sustainable growth is not about reducing investment, but about adapting to the trend of upgrading consumption structure and creating greater new investment space. Deepen the structural reform of 'investing in people'. Adjusting certain policies that are not conducive to economic structural transformation, especially the upgrading of consumption structure; Comprehensively clean up all kinds of purchase restrictions, loan restrictions, and price limit policies that are not conducive to consumption, especially service consumption. At the same time, increase government social investment expenditures. By 2030, we aim to achieve a social expenditure ratio of around 15% of GDP in China's fiscal expenditure, with per capita social expenditure reaching $2000; By 2035, we aim to achieve a social expenditure ratio of around 20% of GDP in China's fiscal expenditure, with per capita social expenditure reaching $3000. As a result, a new pattern of "investing in people" that is compatible with China's development stage has been basically formed. Promote the adjustment of income distribution structure. Interest structure adjustment with a focus on optimizing income distribution structure. On the one hand, it significantly increases the proportion of China's residents' income in the initial distribution. By 2030, we aim to increase the proportion of initial distribution of total income in China's household sector from the current 62% to over 65%. On the other hand, it has significantly increased the proportion of per capita disposable income of Chinese residents to per capita GDP. Strive to increase the per capita disposable income of residents from the current 44% to around 50% of GDP by 2030, significantly enhancing residents' sense of achievement in development and reform. Continuously increase residents' income on the premise of stable employment. Currently, stabilizing employment is the top priority for stabilizing income. We need to optimize and adjust policies to stabilize employment, and introduce policies to support employment in the service industry; Focus on increasing the proportion of public consumption and support the development of small and medium-sized service industry enterprises. In addition, the low proportion of property income has become a prominent constraint for the continuous improvement of residents' income in China. It is necessary to broaden the channels of property income for rural residents and comply with the law as soon as possible