Abstract：This paper summarizes the mechanism of the impact of real estate investment and consumption on economic growth. Based on panel data of 253 prefecture-level cities in China from 2003 to 2016, according to regional differences, the urban samples are divided into three parts: East, middle and west. According to the standards of small and medium-sized cities, the urban samples are divided into two parts. Using PD-GMM (panel data-generalized method of moments) method, this paper establishes and estimates five panel data models of the impact of real estate investment and consumption level on economic growth, and draws a conclusion: 1) There is an inverted U-shaped curve relationship between real estate investment level and urban output, that is, in the early stage of urban development, urban output will increase with the improvement of urban real estate investment level until the point where the marginal income of urban real estate investment level reaches zero, and urban output will increase with urban real estate investment level. The level of improvement shows a decreasing trend. 2) Consumption level is positively correlated with economic growth, that is, to enhance consumption level and further release consumption potential is conducive to urban economic growth. The more developed the urban economy and the larger the scale of the city, the greater the positive effect of consumption level on urban output. 3) The continuous increase of real estate investment will weaken the positive effect of consumption level on economic growth. The more developed the urban economy, the larger the scale of the city, the more obvious the weakening effect.
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2020, Vol. 40 
