CAJ | 학술논문

本文对中国1990--2010年历年分省份的人力资本、生产性资本和自然资本财富进行量化估算。计算了包容性财富指数。对中国包容性财富指数的时空演化进行分析表明。1990--2010年间中国所有省份的包容性财富总值均有所增长．人均包容性财富除山西外也均有所增长；1990--2010年中国包容性财富年均增长3．1％，其中人力资本、生产性资本和自然资本年均增长率分别为2．7％、11．4％和-0．4％，生产性资本的快速增长是中国财富增长的最大动力源泉。从中国包容性财富构成变化看，自然资本占比不断下降，生产性资本占比持续上升．而人力资本占比则经历了先上升后下降的变化轨迹。虽然中国包容性财富总值位居世界第三．但中国人均包容性财富偏低，排名靠后。当前。中国已经走出了以自然财富换物质财富的发展阶段．正处于以人力资本和生产性资本积累财富的阶段：在今后相当长时期内中国仍然要保持较高的投资率。以生产性资本的积累带动人均财富的增长。继续大力发展第二产业、不断提升制造业的国际竞争力，既是保持中国经济又好又快增长的内在要求．也是持续提高人均财富水平和幸福程度的必经之路。
본문대중국1990--2010년력년분성빈적인력자본、생산성자본화자연자본재부진행양화고산。계산료포용성재부지수。대중국포용성재부지수적시공연화진행분석표명。1990--2010년간중국소유성빈적포용성재부총치균유소증장．인균포용성재부제산서외야균유소증장；1990--2010년중국포용성재부년균증장3．1％，기중인력자본、생산성자본화자연자본년균증장솔분별위2．7％、11．4％화-0．4％，생산성자본적쾌속증장시중국재부증장적최대동력원천。종중국포용성재부구성변화간，자연자본점비불단하강，생산성자본점비지속상승．이인력자본점비칙경력료선상승후하강적변화궤적。수연중국포용성재부총치위거세계제삼．단중국인균포용성재부편저，배명고후。당전。중국이경주출료이자연재부환물질재부적발전계단．정처우이인력자본화생산성자본적루재부적계단：재금후상당장시기내중국잉연요보지교고적투자솔。이생산성자본적적루대동인균재부적증장。계속대력발전제이산업、불단제승제조업적국제경쟁력，기시보지중국경제우호우쾌증장적내재요구．야시지속제고인균재부수평화행복정도적필경지로。
This paper measured inclusive wealth index after a quantitative estimation of China＇s provincial human capital, manufactured capital and natural capital wealth during the years of 1990--2010. The analysis of the temporal evolution of China＇s inclusive wealth index between 1990 and 2010 showed that total inclusive wealth of all provinces witnessed some degree of growth. In addition, per capita inclusive wealth also showed an increase except Shanxi province. Between 1990 and 2010, China＇s average annual growth rate of inclusive wealth was 3.1%, among which, average annual growth rate of human capital, manufactured capital and natural capital were 2.7%, 11.4% and -0.4% respectively, for which, the rapid growth of manufactured capital was the major driving force of China＇s growing wealth. From the changes in the composition ratio of China＇s inclusive wealth, natural capital tends to decrease and manufactured capital tends to increase, while human capital first rises then falls. Despite a relatively higher ranking of China＇s total inclusive wealth in the world （the 3rd）, its per capita ranking is relatively too low. Currently, China has surpassed the phase of exchanging natural wealth for material wealth, but in the phase of accumulating wealth through human capital and manufactured capital. Therefore, China should maintain relatively high investment rate for a considerably long time to come, driving per capita wealth growth through the accumulation of manufactured capital. Continue to develop the secondary industry, and constantly improve the international competitiveness of the manufacturing sector, which is the inherent requirement of maintaining the sound and fast development of China＇s economy, but also the only route to continuously improve the level of per capita wealth and the degree of happiness.