Adhering to reform is the only way to cope with the complex and severe macro situation. One important path is to create intrinsic incentives for the economic activities of hundreds of millions of people by deepening the reform of property rights and human capital in key areas. We should promote the implicit wealth to become explicit, increase the wealth of people, especially low and middle income groups, and increase their consumption capacity to drive social investment, so as to achieve a virtuous circulation of consumption, investment and employment.The vivid practice of reform and opening-up shows that the optimal allocation of property rights and the effective development of human resources are the endogenous driving force and the fundamental reason for the rapid economic development and social stability and prosperity. Currently, we are facing macro challenges and dilemmas: unsustainable traditional dividends, far-reaching impact of the COVID-19 and the dilemma of policy choice.By deepening the reform of property rights and human capital, we can promote the implicit wealth in the fields of land, human capital, state-owned assets and resources, digital economy, green metropolitan area and other fields to become explicit, and drive effective social investment by expanding demand, especially internal demand. This will help achieve multiple goals of employment, finance, and economic development.
