An Empirical Study On The Impact Of China's Real Estate Investment On The Manufacturing Industry Upgrade

In recent years,China's real estate industry has been gaining momentum and investment has increased year by year.Real estate prices in many large cities have continued to rise,and even real estate bubbles have emerged.The prosperity of the real estate industry has also played an increasingly prominent role in other domestic industries.The manufacturing industry occupies an important position in the overall economic and social situation,and has made important contributions to boosting China's employment rate and promoting economic growth.However,the problems of the lagging manufacturing industry,the lack of innovation capacity,and excess production capacity have become increasingly apparent,forming a stark contrast with it.In contrast,the real estate industry has a higher return on investment.Is there a necessary connection between real estate and manufacturing? Does real estate investment have a positive or negative inhibitory effect on the upgrading of the manufacturing industry?In view of the above problems,this article conducts research.This article takes China's real estate investment and manufacturing industry upgrading as the main research object.First,it sorts out the theoretical literature of real estate investment and manufacturing industry upgrading.Based on previous studies,it divides the manufacturing industry structure into high-end,mid-range,and low-end.High-end technology manufacturing industry;secondly,it analyzes the current situation of China's real estate investment and manufacturing industry upgrading,and points out the problems of current development.Then it explores the mechanism of China's real estate investment on the upgrading of the manufacturing industry,and finds that real estate investment will promote the upgrading of the manufacturing industry through industrial linkage effects,wealth effects,and financial acceleration effects;at the same time,real estate investment will also increase costs and squeeze out investment.Effect,consumption crowding out effect,technological innovation crowding out effect,and labor crowding out effect restrain the manufacturing industry from upgrading.Third,this paper selects panel data from 30 provinces and cities in China from 2008 to 2018,and establishes a panel data model to empirically analyze theimpact of China's real estate investment on the upgrading of the manufacturing industry,and to the real estate investment in the eastern,central,and western regions of China.The effect of real estate investment on industrial upgrading is compared.The empirical result is that real estate investment has a negative inhibitory effect on the manufacturing industry upgrading,and there are significant differences in the eastern,central,and western regions.In the long run,the greater the real estate investment,the more the real estate market develops.Is not conducive to the upgrading of the industrial structure of the manufacturing industry.Finally,based on the conclusions of the full text,put forward targeted countermeasures and suggestions: control the scale of real estate investment and avoid blind growth of real estate investment;strengthen the development of high-end technology manufacturing and promote the upgrading of the manufacturing industry;improve the level of opening up and enhance Manufacturing industry's independent innovation capabilities;deepening supply-side structural reforms,promoting financial services to the real economy;promoting coordinated development of the real estate industry and manufacturing industries,and promoting high-quality economic development.