Abstract: Investing in people is an important strategic arrangement for the period of the 15th Five-Year Plan and an important embodiment of the nations medium and long-term will. Theoretically, investing in physical assets and investing in people point respectively to physical infrastructure and social infrastructure, the two of which need each other, support each other, complement each other in function, and develop together. In essence, social infrastructure serves as a general condition for the reproduction of labor power, and it has such special properties as “generating relatively little physical workload”, constituting “hiddenmerit projects”, exhibiting “reverse depreciation”, and producing “positive-externality interregional spillovers”. Advancing the construction of social infrastructure is conducive to cultivating a high-quality labor force, promoting the balance of supply and demand, and fostering a social environment suited to capital accumulation. Social infrastructure also entails contradictions, which are concentrated in the difficulty of calculating its economic returns and in the lack of institutional constraints on monopolistic social power. A difference in theoretical standpoint is the greatest distinction between the theory of social infrastructure and human capital theory. Thanks to the leadership of the Party and the system of socialism with Chinese characteristics, China has built the world's largest system of social programs and basic public services, providing a strong safeguard for the people's wellbeing, though there remain aspects that do not yet meet the requirements of the new development stage. During the period of the 15th Five-Year Plan, we should keep investment in physical assets and investment in people closely integrated, adapt to the new requirements of the times, vigorously advance physical infrastructure and social infrastructure toward high-quality development together, and expand the space for development while meeting the needs of the people's wellbeing.

Key words: investing in people, social infrastructure, the reproduction of labor power, the 15th Five-Year Plan

摘要： 投资于人是 “十五五”时期的重要战略部署，是中长期国家意志的重要体现。理论上，投资于物与投资于人分别指向物质基础设施和社会基础设施，二者相互需要、相互支持、功能互补、共同发展。社会基础设施的本质是作为劳动力再生产的一般条件，并具有“较少形成实物工作量”“潜绩工程”“反折旧”“正外部性区域间溢出”等特殊性质。推进社会基础设施建设，有利于培育高质量劳动力、促进供需平衡并营造适合资本积累的社会环境等。社会基础设施也有矛盾，集中体现为经济账难以计算和垄断性社会权力缺乏制度约束。理论立场不同，是社会基础设施理论与人力资本理论的最大区别。得益于党的领导和中国特色社会主义制度，中国形成了世界上规模最大的社会事业和基本公共服务体系，为民生福祉提供了有力保障，但仍有不适应新发展阶段之处。“十五五”时期，要坚持投资于物和投资于人紧密结合，适应时代新要求，大力推进物质基础设施和社会基础设施共同迈向高质量发展，在满足民生需求中拓展发展空间。

关键词: 投资于人, 社会基础设施, 劳动力再生产, “十五五”规划