关键词: 投资于物, 投资于人, 协同发展, 财税政策

Abstract: In the process of Chinese path to modernization, promoting the coordinated development of investment in physical capital and human capital is a key pathway to achieving high-quality growth. The essence of their synergy lies in the fact that the investment portfolio of material capital and human capital needs to dynamically adapt to the factor endowment structure, technological and economic conditions, and institutional environment of specific development stages. From element coupling, process interaction to result feedback, the synergy between the two presents a hierarchical structure that progresses layer by layer. Its effectiveness can be judged from three dimensions: structural adaptation, incentive compatibility, and goal value realization. Since the reform and opening up, the form of collaboration between the two has evolved from basic collaboration, efficiency collaboration, reconstruction collaboration to systematic collaboration. Currently, the coordinated development of the two still faces challenges such as a phased mismatch between the deepening of material capital and the accumulation of human capital, insufficient compatibility of institutional arrangements for micro subjects, and a lack of cross domain coordination and cross cycle linkage mechanisms. To solve these difficulties, it is necessary to further deepen the reform of the fiscal and taxation system, improve intergovernmental fiscal relations, and reshape the endogenous incentives for local governments to promote coordinated development; innovate fiscal expenditure tools and establish a precise and empowering structural allocation mechanism; optimize tax incentive tools to stimulate micro vitality of multi-party collaboration and cooperation; establish a sound budget performance management system and establish integrated assessment and evaluation standards.

Key words: investment in assets, investment in people, coordinated development, fiscal and tax policy