Abstract
With the gradual acceleration of the market development of China's real estate industry, research on real estate and the national economy has gradually deepened in recent years. As a key pillar industry of China's national economy, China's real estate industry has greatly promoted the rapid development of the national economy. Based on HP filtering and cointegration analysis, this paper calculates the equilibrium price level of real estate and demonstrates the fluctuation of real estate prices from equilibrium prices. It is concluded that the deviation of the price of China's real estate market is only affected by some regions, that is, there is a “partial bubble“. In order to further describe the interaction between the real estate market and the macro economy, it has been found that the impact of real estate investment has a long-term impact on economic growth, and the pulling effect on related industries is relatively large.
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