The Influence Of Real Estate Investment And Credit On Local Economic Growth

In recent years,with the acceleration of China's economic growth and city urbanization,the rapid growth of the growth rate of investment in the development of the real estate industry and real estate development loans,and made an important contribution for our country's economic and social development,but also shows the overall real estate market surplus to expand the phenomenon of coexistence and rigid demand in some areas,real the real estate investment and excessive credit growth caused by the increasingly prominent problem.Because between different regions of the real estate market regional differentiation,leading to the real estate market bubble may exist different degrees of risk,once the decline in housing prices,the real estate bubble burst the real estate investment scale and real estate credit policy tightening,resulting in serious financial and economic crisis.Therefore,in order to avoid China's economic crisis,break the real estate market development unbalanced dilemma and promote China economic growth,based on the real estate investment and credit as the research object,focuses on the two aspects of real estate investment and credit impact on economic growth and regional differences in the empirical analysis,this the correct understanding of the real estate investment and credit on economic growth,has important significance to promote the sustainable development of economy.Based on the existing literature and related theories,on China's real estate investment,real estate credit and economic development situation analysis,systematically expounded the influence mechanism of real estate investment,real estate credit on economic growth.In the empirical analysis part,this paper selects the panel data of 35 large and medium cities in China during 2000-2014,and makes use of the empirical method of the fixed effect model.Firstly,the relationship between the national sample data on the real estate investment,real estate credit and economic growth in the regression analysis,and then through the cluster analysis of 35 large and medium-sized city will be divided into different scale city,difference analysis of real estate investment,real estate credit impact on the economic growth.The empirical results show that China's real estate investment,real estate development loans and real estate purchase,the impact on economic growth coefficient is significantly positive,the real estate development loans impact on economic growth is greater than the real estate purchase demand impact on economic growth;secondly,the size effect and the city scale real estate investment economic growth is not necessarily associated with.Finally,combining the conclusions and research problems in reality in our country,think in the current local economic dependence on the real estate investment and credit background,the government should change depending on the real estate industry to promote economic growth,reasonable allocation of social capital to achieve the rapid development of the upgrading of industrial structure and economy.