Empirical Study on the Relationship between Real Estate Investment and Economic Growth in Hainan Province

As an important part of fixed assets investment, real estate investment plays an important role in the process of stimulating economic growth. Taking the time series data of real estate investment and economic growth from 2005 to 2015 in Hainan Province as the sample of statistical analysis, this paper comprehensively applies unit root test and cointegration test. The relationship between real estate investment and economic growth in Hainan Province is discussed by establishing error correction model and Granger relation test. The results show that:(1) The relationship between real estate investment and economic growth in Hainan Province is a long-term dynamic equilibrium. (2) The fluctuation of economic growth in Hainan Province can be divided into two parts: short-term fluctuation and long-term equilibrium. (3) The real estate investment in Hainan Province can be divided into two parts: one is short-term fluctuation and the other is long-term equilibrium. And economic growth between the one-way causality. That is, the growth of real estate investment is the cause of economic growth, economic growth does not necessarily lead to the growth of real estate investment.