Comparative Study On The Relationship Between Real Estate Investment And Economic Growth In Different Regions Of China

The main content of this paper is the relationship between our country’s regionaleconomic and real estate investment. This paper firstly use the cluster analysis and accordingto several key indicators of the impact of real estate investment environment to makeclassification for Chinese31provinces thus to get four different region of real estateinvestment. On the basis of above, this paper analyzes the current situation of the economicdevelopment and real estate investment in four region and then make the empirical researchbetween real estate investment and economic growth.In the empirical research between real estate investment and economic growth,I use themethod of quantitative analysis of panel data,selecting the31provinces in annual data of theGDP,real estate investment,labour and non-real estate investment from2003to2012toestablish a panel data of country and four panel data of regions.The result of cointegration teston the panel data proves that there is a long-run equilibrium relationship between the realestate investment, the non-real estate investment,the labour and economic growth.And then Ihave respectively panel model selection and regression estimate about the four regionlsubpanel model and the hole nation.Througt the estimate,I got the coefficient of economicgrowth of real esate about the hole nation and the four areas.By comparing,I got thedifferences of real esate and economic growth:the best area of real easte investment is toohot,real easte growth does not match its best inviroment. The less better and the normal areaof real easte investment is developing benignly, benefiting the ecnoic a lot. The bad areas ofreal easte investment needs to develop and its effect to economic growth has a gap comparedwith the former three areas.The real easte investmentinviroment of the bad areas needs toimrove.