中文摘要：

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。

英文摘要：

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.