The Impact Of The Stock Crash In 2015 On The Development Of China's Real Economy

China's stock market plummeted in June 2015 after more than half a year's bull market,dropping 49 points from its highest level by early 2016,causing widespread public concern over such a sharp and huge decline.At the same time,the state attaches great importance to the development of the real economy,and the General Secretary has given important instructions to the development of the real economy on many occasions.The development of the real economy is the foundation of the country.It provides a solid material base for the development of the stock market,at the same time the effective capital flow of the stock market can inject vitality into the real economy,and its prosperity and stability cannot be ignored for the overall economic development.If the stock market fluctuates excessively,it will deviate.That may have obvious negative effects on the development of real economy.The rapid formation and bursting of bubbles will affect the normal financing function of the market and the consumption and investment in the real economy.It is worth studying whether the sharp turbulence of stock market in 2015 will have serious negative impact on the development of real economy in our country.This paper chooses to study the problem from the perspective of consumption and investment.First of all,this paper introduces and analyzes the stock crash and its formation of micro-causes.Then it discusses the theoretical mechanism and transmission channels of stock market influencing consumption and investment,and then carries out empirical analysis from two aspects of consumption and investment.On the empirical side,this paper selects the Shanghai Stock Exchange Index,residents' consumption income data,GDP growth rate and investment in fixed assets of the whole society from 2011-2018.This paper studies the fluctuation of consumption and social investment of Chinese residents before and after the stock market crash by using vector autoregressive(VAR)model.At the same time,this paper analyses the questionnaire results of the cities and towns of the people's counted by Bank of China ? the results of the questionnaire survey designed by the China Industrial Economic report of the Yangtze University of China.The results show that the current stock market disaster has no obvious impact on the domestic real economy,and it also shows the weak validity between the stock market and the real economy in China.Finally,in view of the above analysis results and the causes of the stock disaster,some policy suggestions are given,such as strengthening the supervision,deepening the reform,promoting the development of the stock market,at the same time,steadily promoting the economic transformation and upgrading,and promoting the benign interaction between the stock market and the real economy.