Research On The Influence Of Housing Price Change Based On PSTR Model On China's Urban Residents' Consumption

Since the beginning of the housing system reform in China in 1998,the real estate market has entered a stage of rapid development,and house prices have also increased year by year.With the potential of the real estate market as an investment object to be further explored,China's urban households are increasingly incorporating it into the wealth of residents,making it an important part of the wealth of residents.Since the wealth of households is an important factor influencing the consumption level of urban residents,the change in housing prices is likely to have an impact on the consumption level of urban residents in China.In the context of the current slowdown in economic growth,it is particularly important to promote domestic demand,improve the consumption level of residents,and understand the internal relationship between housing price changes and urban residents' consumption.Firstly,based on the theory,this paper briefly introduces several classical consumption theories and analyzes the impact mechanism of housing prices on residents' consumption.On this basis,it analyzes the mechanism of housing prices on the non-linear impact of urban residents' consumption.Secondly,Based on the reality,this paper analyzes the current development status of China's real estate market and the consumption status of urban residents in China,and compares them.Secondly,the panel data of 31 provinces in China from 2003 to 2017 are selected,and the panel smooth conversion model is used to prove The paper analyzes the impact of China's housing price changes on urban residents' consumption,and obtains the following conclusions:(1)Income and consumption habits are important reasons for the changes in the consumption level of Chinese residents,and have a significant positive correlation with household consumption;(2)There is a non-linear financial deepening threshold between house prices and household consumption.When the degree of financial deepening is lower than 137%,the rise in housing prices has a significant driving effect on household consumption;when the degree of financial deepening is higher than 137%,the promotion of housing prices will gradually weaken the consumption of residents until there is a hindrance.effect.Therefore,in order to promote the growth of consumption,the government should control the degree of financial development,control it in the optimal horizontal range;rationally arrange the financial structure,guide the flow of funds,vigorously develop consumer credit to stimulate household consumption;Strike down on speculation in the real estate market,vigorously develop the housing rental market,and maintain moderate growth in housing prices.At the same time,we should adjust and improve the resident wage mechanism to increase the disposable income of residents.