The close integration of investment in physical capital and investment in people is an inherent requirement for promoting high-quality development and advancing people''s all-round development. Investment in physical capital focuses on consolidating the material foundation, while investment in people focuses on improving people''s capabilities and well-being. Their close integration is grounded in Marxist theories of productive forces, social reproduction, and people''s all-round development. In practice, however, the two still face such dilemmas as an imbalance in value orientation, weak institutional foundations, imbalanced allocation of human capital, and insufficient synergy and linkage. Therefore, efforts should be made in value orientation, institutional supply, human capital allocation, and coordination mechanisms to promote the organic linkage between physical capital and human capital, and to form a development pattern in which the two mutually reinforce and advance in a coordinated manner.