The Impact Of Housing Prices On The Upgrading Of Industrial Structure

Since the beginning of this century,housing prices in China has risen rapidly,giving impetus to the rapid development of the real estate industry.Chinese real estate industry has a wide range of related industries and a long industrial chain,which is greatly driving and crowding out related industries in the rapid rise of housing prices.The Yangtze River Delta region is one of the highest levels of urban housing prices in China,and the effect of housing prices on the industry is obviously pronounced.For the purpose of promoting the high-quality development of industries in the Yangtze River Delta region,it needs to attach more importance to studying the effect of housing prices on the upgrading and transformation of the industrial structure in the Yangtze River Delta region.Based on the data from 2008 to 2018 in the central area of the Yangtze River Delta,this paper analyzes the development of regional real estate and the trend of industrial structure upgrading indicators.Then,according to the input-output method,the correlation degree of real estate and related industries as well as the promotion effect on the national economy are quantitatively described,and the transmission mechanism of the housing price on the upgrading and transformation of the industrial structure is analyzed combined with the literature.Based on the analysis and quantitative description results,the indicators of 27 central cities in the Yangtze River Delta from 2008 to 2018 were selected,and the impact of housing prices on the industrial structure was empirically analyzed through the panel model and Granger causality test model.The research results show that:(1)The differentiation of housing prices in the central area of the Yangtze River Delta has intensified,and the industrial structure is in an upgrading trend.(2)The number and degree of forward-related industries in the real estate industry are higher than those of the backward-related industries,and the real estate industry is more closely related to the financial sector and the tertiary industry,leading to the lower driving efficiency of the national economy.(3)In the central cities of the Yangtze River Delta,the rise in housing prices will boost the advanced level of the industrial structure greatly.(4)The urban innovation capability and foreign capital can boost the rationalization of the industrial structure,and the urban land price can boost the upgrading of industrial structure.(5)Urban innovation capability,land price and the degree of opening to the outside world will not only directly affect the industrial structure,but also affect the industrial structure through the housing prices.Housing prices will indirectly affect the industrial structure by affecting urban innovation capacity and urban land prices.Finally,based on the conclusions,this paper giving reasonable policy suggestions,for the purpose of making good influence in the urban industrial upgrading and transformation in the urban center of the Yangtze River Delta.