| In 1990's the construction industry was listed in the economy development program as a national pillar industry, being endowed with important historic responsibility and position. However, the construction product and its producing process have its peculiarity and are different from other industries in the inner characteristics of construction and economic activities. Therefore, its own explaining theory, reasonable methods and empirical foundation are called for by explaining the relationship between the construction growth and economic development, as well as the appraisement, planning and policymaking for t he c onstruction industry. A s t he main c ontent o f a r esearch p reject funded b y t he National Natural Science Foundation of China (NSFC), the dissertation studied many aspects on construction industry, and delivered the following results:1. The dissertation firstly makes a theoretical analysis on the general rule of construction growth, followed by an empirical test on the data of 34 countries in different development stages. This cross-sectional analysis and regression model investigate the relationship between the share of construction value-added (CVA) in Gross Domestic Product (GDP) and GDP per capita. A cubic curve can be used to describe the relationship between the ratio of CVA/GDP and GDP per capita. CVA/GDP firstly rises up and then falls down. However it could rise up again with the increase of GDP per capita, normally amounting to 7.28% as its first peak in the growth path. China's construction industry (CCI) is right in the process climbing to the peak. This cross-sectional analysis offsets the incompletion of data usually met when the longitudinal method is used. The result announces the long term developing trend and rule for construction industry, and provides a new benchmark for the forecasting, planning and appraising for the industry in the long run.2. Applying Unit Root Test and Granger Causality Test, the dissertation seeks variables affecting CCIfrom various perspectives. The growth of GDP, international cooperation revenue (referring to the revenue from international contracting, labor service and design consulting, INTE), foreign direct investment (FDI), the share of employment of the tertiary industry (TER), R&D investment by government (RD) are found to be the Granger causes of CVA growth, they driving construction industry's development in China. Furthermore, GDP, the growth of INTE, and FDI are cointegrated with CVA and the growth of it, which means a certain trend is kept for a long time between any one of the first three time series and CVA. However, CVA is the Granger-cause of the change of companies' structure, state-owned construction companies having less and less share in employees and output level among all kinds of enterprises. The development of the industry invokes more than one kind of enterprises in property right, and the market competition. An interesting conclusion is the fiscal policy has less effect on CCI than the monetary policy. Although recently Chinese government has initiated active fiscal policy and promoted many infrastructure projects, "the effectiveness of crowding out" makes government spending in infrastructure having no significant effect on CVA growth according to the Granger Causality Test. Otherwise, the monetary policy have influence on construction output level due to its control on credit and money supply. The studies deeply and holistically identify the economic variables affecting the output improvement of CCI, and illustrate its growth path and characteristics from various perspectives. The results construct the deep foundation for explaining the economic growth pattern of CCI. The affecting variables provide indicators for enterprises to predict construction output variation, and references for macroeconomic policymaking on construction.3. Finally, the variables that are the Granger-causes of China's construction growth are analyzed together by the method of Factor Analysis. Two main factors are drawn from those...
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