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The Path of Housing Prices in Promoting the Upgrading of Industrial Structure: Bank Credit Funds, Land Finance, and Consumer Demand

The impact path of housing prices on the upgrading of the industrial structure is an important part of realizing the high-quality operation of the national economy in China. In order to discuss the mechanism of different influencing paths to upgrading industrial structure, this paper introduces three different intermediary variables from the levels of supply, demand, and government, and further subdivides and compares them to empirically test the specific impact path of housing prices on industrial structure upgrading by constructing multi-dimensional industrial structure upgrading indicators. It obtains some meaningful results. Firstly, there is a significant U-shaped relationship between housing prices and industrial structure upgrading; secondly, rising house prices will exacerbate the real estate industry’s occupation of bank credit funds, hindering the upgrading of the whole industrial structure; thirdly, the negative impact of the land’s financial dependence on the upgrading of the industrial structure was underestimated; and, finally, the rise in housing prices can improve the consumption level and promote the upgrading of regional industrial structures. By studying the impact path of house prices on the upgrading of different industrial structures, it will help local governments regulate house prices and give full play to the role of house prices in promoting the upgrading of industrial structure through multiple channels.