Study On The Regional Heterogeneity Of House Price Influencing Economic Growth Path In China

Since the housing reform in 1998,the importance of the real estate industry in the national economy is increasingly prominent,and the real estate industry has become one of the pillar industries of our national economy.The real estate market has achieved unprecedented development,and estate investment is on the rise,and house prices are going up.However,the continuous rise of housing prices will not only drive real estate investment,but also bring adverse effects on economic growth.Therefore,this paper takes the housing price as the representative variable of the real estate market,and analyzes the impact of housing prices on Chinese economic growth path.Since the real estate market is regional,the difference between different regions is obvious.Therefore,the core of this paper is to study the regional heterogeneity of house price influencing economic growth path.This paper starts from the three paths of household consumption,the real economy investment and labor flow that affect economic growth,and adopts the methods of theoretical analysis and panel model empirical test to study the regional heterogeneity of housing price's influence on economic growth.Firstly,it studies the regional heterogeneity of housing price's influence on residents' consumption path,and theoretically analyzes the wealth effect and crowding effect of housing price increase on residents' consumption by establishing a theoretical model Dixit-Stiglitz.Heoretically,the rising house price has wealth effect and crowding out effect on residents' consumption,and the empirical results show that the effect of housing price rise on residents' consumption in central region and northeast region is not significant,while the wealth effect and crowding out effect of housing price rise on residents' consumption in eastern region and western region are significant.The next study is about the regional heterogeneity of housing price influencing the real economy investment.The results show that the rising housing price has a significant crowding out effect on the real economy investment in the eastern region,and the rising housing price has no significant effect on the real economy investment in the central region and the western region,while the rising housing price has a driving effect on the real economy investment in the northeast region.What isstudied again is the regional heterogeneity of the impact of housing price on labor flow.Theoretically,due to the regional heterogeneity and heterogeneity of labor force,the impact of housing price rise on labor flow is studied in different regions and labor force types.The results show that for the eastern region,the rising housing price does not prevent the influx of skilled labor.Although the housing price in the eastern region rises rapidly,the high income and superior infrastructure in the eastern region may attract the influx of skilled labor,but the rising housing price will make the ordinary skilled labor move out.For the central and northeastern regions,rising housing prices have not stopped the inflow of skilled labor and have no effect on the inflow of ordinary skilled labor.For the western region,rising housing prices have no impact on the flow of skilled and ordinary skilled workers.Finally,on the basis of studying the regional heterogeneity of housing price affecting economic growth path,this paper puts forward countermeasures and suggestions.