The close integration of “investment in physical capital” and “investment in human capital” has become an important focus for enhancing national governance effectiveness and promoting Chinese Modernization in the new development stage. Their close integration can continuously enhance the quality of the population and social welfare, and achieve the unity of economic growth and shared development. In terms of the development entity, they establish a dialectical and coordinated relationship between “material” and “human”. In terms of the development goal, they adhere to a people-centered approach. In terms of the development path, they reflect the coordinated evolution of fast and slow, hard and soft. In terms of the development outcome, they form a mutually reinforcing and advancing relationship between the economic system and the people’s livelihood system.Going forward, the close integration of the two still requires systematic efforts in such areas as structural allocation, coordination mechanisms, regional planning, and actor collaboration, so as to optimize resource distribution, enhance policy effectiveness, and promote the mutual integration and synergistic enhancement of various input factors. By building a development system oriented toward integration, we will gradually form an overall pattern in which material development promotes human development, human development improves quality, and material and human development reinforce each other, so as to provide more solid support and a more stable institutional foundation for advancing Chinese Modernization.