| The reform of the housing system has promoted the development of the real estate market in China,stimulated the demand in the real estate market,and boosted the development of the real estate industry and economic growth.Investment has always been considered as one of the most important engines of economic growth.When a large amount of funds are poured into the real estate market,on the one hand,the real estate market can quickly become active and directly stimulate economic growth;on the other hand,investment overheating can easily result in the crowding up of capital in other industries,which not only hinders industrial restructuring and upgrades,but also restricts economic growth.It will also lead to soaring house prices and harm the interests of the people.China has a vast territory,unbalanced regional development,and obvious regional differentiation in the real estate market.Therefore,it is necessary to explore the relationship between real estate investment and economic growth based on the actual conditions of the real estate market in different regions.Chongqing is the only municipality directly under the central government in the western region and the economic center of the upper reaches of the Yangtze River.In recent years,with the slowdown in the national economic growth,the average annual growth rate of Chongqing economy has remained above 10%,and for three consecutive years it has occupied the top spot in the national economic growth rate.Compared with the national economic growth and the weak real estate market is still hot,high housing prices,Chongqing's economic growth situation is not a good house price increase,known as "a high-firing property market in a clear flow." Real estate investment belongs to the category of fixed asset investment.According to the principle of investment multiplier,it has its own role in promoting economic growth.Therefore,based on investment multiplier-acceleration principle and economic growth theory,this paper studies the role of real estate investment in economic growth in Chongqing and the relationship between them.Firstly,a descriptive statistical analysis method was used to qualitatively analyze the current situation of real estate investment and economic growth in Chongqing.Second,the direct contribution of real estate investment in Chongqing to economic growth was decomposed and measured,and the direct contribution rate and contribution of real estate investment in Chongqing to economic growth were found.The degrees were respectively 19.53% and 2.27%;again,the empirical analysis of the relationship between real estate investment and economic growth in Chongqing was conducted using the cointegration test and error correction model.It was found that there was a long-term stable equilibrium relationship between real estate investment and economic growth in Chongqing,ie an increase of 1% in real estate investment will drive the economic growth of Chongqing by 0.64%.At the same time,there is a short-term dynamic equilibrium mechanism that corrects them when they deviate from equilibrium;using the Granger causality test,it is found at a 5% level of significance.There is only a one-way causal relationship between real estate investment and economic growth in Chongqing,that is,real estate investment is the Granger cause of economic growth,which shows that real estate investment plays an important role in the economic growth of Chongqing;then,impulse response functions are performed.After analysis,real estate investment in Chongqing was found When economic growth is affected by external shocks,both of them can exert a continuous positive influence on each other through the mechanism of mutual influence.Finally,based on the specific problems existing in real estate investment in Chongqing,scientific and rational countermeasures and suggestions are proposed to ensure the coordinated development of the two.To maximize the role of real estate investment in promoting economic growth in Chongqing. |
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