Research On The Impact Of Housing Price On Industrial Structure Upgrading

At present,China's economy has entered a critical period of transformation from high-speed growth to high-quality growth.The traditional extensive economic development model is unsustainable,and the optimization and upgrading of industrial structure has become an important task for China at present and for quite a long time to come.The report of the 19 th National Congress of the Communist Party of China clearly put forward "supporting the optimization and upgrading of traditional industry and accelerating the development of modern service industry".On the international side,the current global situation is complex,and the trend of trade protectionism and anti globalization is on the rise.Since 2018,Sino US trade frictions have repeatedly shown no sign of truce,which has increased the uncertainty of China's economic development.The above external situation also requires China to accelerate the transformation of economic development mode.Since the abolition of welfare housing distribution system in 1998,the real estate industry has developed rapidly.Since 2004,housing price has been rising rapidly,with an average annual growth rate of 9.1% in 2004-2019.Among the many factors that affect the industrial structure upgrading,does the housing price have an impact on the industrial structure upgrading? If so,what is the way to influence it?This article takes the impact of housing price on the upgrading of industrial structure as the research object.First,this article sorted out the relevant domestic and foreign literature on the impact of housing price on the industrial structure upgrading,and explained the history of China's industrial structure change and the development of the real estate market.Then related theoretical analysis was performed.On this basis,empirical analysis was carried out,using the panel data of 35 large and medium-sized cities in 2005-2017 to build a fixed model,to study the direct and indirect effects of housing price on the industrial structure upgrading.The empirical results show that,on the whole,the rise in housing price has a promoting effect on the upgrading of regional industrial structure,which shows a certain regional heterogeneity.In terms of its indirect impact mechanism,the rise in housing price is conducive to expanding the scale of residents' consumption and improving the structure of residents' consumption,and then promoting the upgrading of regional industrial structure from the demand side.On the other hand,the rise in housing price is conducive to enhancing the technological innovation capability of cities,and then promoting the upgrading of regional industrial structure from the supply side.Accordingly,the paper puts forward the following policy recommendations.The governments should treat the problem of housing price correctly and keep the housing price developing steadily.It is necessary to recognize the differences of regional characteristics and adopt different ways to promote the upgrading of industrial structure.The governments should improve the consumption ability of residents and accelerate the optimization and upgrading of their consumption structure.Investment in innovation needs to be increased to enhance urban technological innovation capabilities.It is also important to strengthen the construction of infrastructure and improve the capacity of social public service.