How do housing prices affect a city's innovation capacity? The case of China
Abstract
Using panel data from 269 Chinese cities, this study examined the impact of housing prices (HP) on cities’ innovation capacity (IC) in China. Firstly, a fixed effect model was used to analyze the effect of HP on cities’ IC in China, revealing that HP positively impacts cities’ IC. Next, several robustness tests were conducted to verify the finding’s reliability. Thirdly, the analysis empirically tested mediating mechanisms between HP and cities’ IC in China. The results show that, on the one hand, higher HP can improve cities’ IC by attracting talents and stimulating the growth of local fiscal revenue. On the other, increasing HP can inhibit cities’ IC in China by attracting funds into the real estate market and impeding residents’ consumption ability. Finally, the heterogeneous nature of the HP–IC link in China was further explored. This study’s results provide recommendations for the government of China on how to promote cities’ innovation performance.
First published online 24 August 2023
Keyword : housing prices, innovation, fixed effect, mechanism analysis, heterogeneity analysis, China
How to Cite
Ding, Y., Chin, L., Li, F., Deng, P., & Cong, S. (2023). How do housing prices affect a city’s innovation capacity? The case of China. Technological and Economic Development of Economy, 29(5), 1382–1404. https://doi.org/10.3846/tede.2023.18899
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Boettke, P. J., & Marciano, A. (2017). The distance between Buchanan’s “An Economic Theory of Clubs” and Tiebout’s “A Pure Theory of Local Public Expenditures”. New insights based on an unpublished manuscript. The European Journal of the History of Economic Thought, 24(2), 205–237. https://doi.org/10.1080/09672567.2016.1168464
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Caragliu, A., & Del Bo, C. F. (2019). Smart innovative cities: The impact of Smart City policies on city’s innovation. Technological Forecasting and Social Change, 142, 373–383. https://doi.org/10.1016/j.techfore.2018.07.022
Castellion, G., & Markham, S. K. (2013). Perspective: New product failure rates: Influence of argumentum ad populum and self-interest. Journal of Product Innovation Management, 30(5), 976–979. https://doi.org/10.1111/j.1540-5885.2012.01009.x
Chaney, T., Sraer, D., & Thesmar, D. (2012). The collateral channel: How real estate shocks affect corporate investment. American Economic Review, 102(6), 2381–2409. https://doi.org/10.1257/aer.102.6.2381
Chang, X., Fu, K., Low, A., & Zhang, W. (2015). Non-executive employee stock options and corporate innovation. Journal of Financial Economics, 115(1), 168–188. https://doi.org/10.1016/j.jfineco.2014.09.002
Cornaggia, J., & Li, J.Y. (2019). The value of access to finance: Evidence from M&As. Journal of Financial Economics, 131(1), 232–250. https://doi.org/10.1016/j.jfineco.2018.09.003
Davidov, E., & Semyonov, M. (2017). Attitudes toward immigrants in European societies. International Journal of Comparative Sociology, 58(5), 359–366. https://doi.org/10.1177/0020715217732183
Ding, Y., Chin, L., Li, F., & Deng, P. (2022a). How does government efficiency affect health outcomes? The empirical evidence from 156 countries. International Journal of Environmental Research and Public Health, 19(15), 9436. https://doi.org/10.3390/ijerph19159436
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Ding, Y., Lee, C., & Lu, M. (2022c). Does market sentiment push up China’s housing prices? An empirical study based on the data of 45 mainstream cities in China. Journal of Housing and the Built Environment. https://doi.org/10.1007/s10901-022-09985-7
Farre-Mensa, J., Hegde, D., & Ljungqvist, A. (2020). What is a patent worth? Evidence from the US patent “lottery”. The Journal of Finance, 75(2), 639–682. https://doi.org/10.1111/jofi.12867
Fisher, I. (1930). The theory of interest. MacMillan.
Fung, H. G., Huang, A. G., Liu, Q., & Shen, M. X. (2006). The development of the real estate industry in China. Chinese Economy, 39(1), 84–102. https://doi.org/10.2753/CES1097-1475390104
Gan, J. (2007). Collateral, debt capacity, and corporate investment: Evidence from a natural experiment. Journal of Financial Economics, 85(3), 709–734. https://doi.org/10.1016/j.jfineco.2006.06.007
Grossman, G. & Helpman, E. (1995). Technology and Trade. In G. Grossman & K. Rogoff (Eds.), Handbook of international economics 3 (pp. 1279–1337). Elsevier. https://doi.org/10.1016/S1573-4404(05)80005-X
Gu, H., Meng, X., Shen, T., & Wen, L. (2020). China’s highly educated talents in 2015: Patterns, determinants and spatial spillover effect. Applied Spatial Analysis and Policy, 13(3), 631–648. https://doi.org/10.1007/s12061-019-09322-6
Heijster, J. (2020). Imagining modernization: The symbolic embrace of GDP in China. Chinese Political Science Review, 5(1), 50–73. https://doi.org/10.1007/s41111-019-00132-2
Henderson, V., Kuncoro, A., & Turner, M. (1995). Industrial development in cities. Journal of Political Economy, 103(5), 1067–1090. https://doi.org/10.1086/262013
Howell, A. (2020). Industry relatedness, FDI liberalization and the indigenous innovation process in China. Regional Studies, 54(2), 229–243. https://doi.org/10.1080/00343404.2019.1623871
Hsieh-Sheng, C. (2011). The relationship between technology industrial cluster and innovation in Taiwan. Asia Pacific Management Review, 16(3), 277–288.
Huang, Y., Qian, L., Tyfield, D., & Soopramanien, D. (2021). On the heterogeneity in consumer preferences for electric vehicles across generations and cities in China. Technological Forecasting and Social Change, 167, 120687. https://doi.org/10.1016/j.techfore.2021.120687
Iammarino, S., & McCann, P. (2006). The structure and evolution of industrial clusters: Transactions, technology and knowledge spillovers. Research Policy, 35(7), 1018–1036. https://doi.org/10.1016/j.respol.2006.05.004
Jalles, J. T. (2010). How to measure innovation? New evidence of the technology-growth linkage. Research in Economics, 64(2), 81–96. https://doi.org/10.1016/j.rie.2009.10.007
Landry, C. (2001). The creative city: A toolkit for urban innovators. Community Development Journal, 36(2), 165–167. https://doi.org/10.1093/cdj/36.2.165
Li, L., & Zhang, X. (2020). Spatial evolution and critical factors of urban innovation: Evidence from Shanghai, China. Sustainability, 12(3), 938. https://doi.org/10.3390/su12030938
Li, W., & Zheng, M. (2016). Is it substantive innovation or strategic innovation?- Impact of Macroeconomic Policies on Micro-enterprises’ Innovation. Economic Research Journal, 51(4), 60–73 (in Chinese).
Liang, S., Zhao, J., He, S., Xu, Q., & Ma, X. (2019). Spatial econometric analysis of carbon emission intensity in Chinese provinces from the perspective of innovation-driven. Environmental Science and Pollution Research, 26(14), 13878–13895. https://doi.org/10.1007/s11356-019-04131-3
Lin, X., Ren, T., Wu, H., & Xiao, Y. (2021). Housing price, talent movement, and innovation output: Evidence from Chinese cities. Review of Development Economics, 25(1), 76–103. https://doi.org/10.1111/rode.12705
Lind, J. T., & Mehlum, H. (2010). With or without U? The appropriate test for a U-shaped relationship. Oxford Bulletin of Economics and Statistics, 72(1), 109–118. https://doi.org/10.1111/j.1468-0084.2009.00569.x
Liu, D., & Liu, W. (2016). Trade openness and manufacturing industry’s innovation performance based on the perspective of positive and negative list. Science & Technology Progress and Policy, 33(23), 57–61 (in Chinese).
Louise, S. (1995). Housing prices and the savings of renters. Journal of Urban Economics, 38(1), 94–125. https://doi.org/10.1006/juec.1995.1024
Luo, J., & Cheng, K. (2013). The influence of FDI on energy efficiency of China: An empirical analysis based on DEA method. Applied Mechanics and Materials, 291, 1217–1220. https://doi.org/10.4028/www.scientific.net/AMM.291-294.1217
Ning, L., Wang, F., & Li, J. (2016). Urban innovation, regional externalities of foreign direct investment and industrial agglomeration: Evidence from Chinese cities. Research Policy, 45(4), 830–843. https://doi.org/10.1016/j.respol.2016.01.014
Sanchez-Gonzalez, G., & Herrera, L. (2015). User cooperation effects on firm’s innovation outputs. Canadian Journal of Administrative Sciences-Revue Canadienne Des Sciences de L Administration, 32(2), 86–101. https://doi.org/10.1002/cjas.1319
Schneider, P. (2005). International trade, economic growth and intellectual property rights: A panel data study of developed and developing countries. Journal of Development Economics, 78(2), 529–547. https://doi.org/10.1016/j.jdeveco.2004.09.001
Shi, J., Wang, Y., &Wu, W. (2016). The crowding-out effect of real estate markets on corporate innovation: Evidence from China (Working Paper). https://doi.org/10.2139/ssrn.2720314
Simms, A., & Nichols, T. (2014). Social loafing: A review of the literature. Journal of Management and Practice, 15(1), 58.
Solow, R.M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312–320. https://doi.org/10.2307/1926047
Tian, X., & Wang, J. (2018). Research on spatial correlation in regional innovation spillover in China based on patents. Sustainability, 10(9), 3090. https://doi.org/10.3390/su10093090
Wen, H., & Goodman, A.C. (2013). Relationship between urban land price and housing price: Evidence from 21 provincial capitals in China. Habitat International, 40, 9–17. https://doi.org/10.1016/j.habitatint.2013.01.004
Wen, J., Deng, P., Zhang, Q., & Chang, C. (2021). Is higher government efficiency bringing about higher innovation? Technological and Economic Development of Economy, 27(3), 626–655. https://doi.org/10.3846/tede.2021.14269
Wen, J., Feng, G., Chang, C., & Feng, Z. (2018). Stock liquidity and enterprise innovation: New evidence from China. The European Journal of Finance, 24(9), 683–713. https://doi.org/10.1080/1351847X.2017.1347573
Wong, W. L., Chin, L., & Koong, S. S. (2019). Housing prices in Peninsular Malaysia: Supported by income, foreign inflow or speculation? International Journal of Housing Markets and Analysis, 12(2), 424–441. https://doi.org/10.1108/IJHMA-01-2018-0001
Wong, W. L., Law, S. H., Said, R. & Chin, L. (2015), Consumption and housing wealth: A Malaysian case that demonstrates a negative relationship. International Journal of Economics and Management, 9(S), 163–180.
Yang, R., & Bao, J. (2019). Can agglomeration of productive services effectively promote urban innovation?. Modern Economic Research, (4), 80–87 (in Chinese). https://doi.org/10.13891/j.cnki.mer.2019.04.011
Yang, Z., & Pan, Y. (2020a). Are cities losing their vitality? Exploring human capital in Chinese cities. Habitat International, 96, 102104. https://doi.org/10.1016/j.habitatint.2019.102104
Yang, Z., & Pan, Y. (2020b). Human capital, housing prices, and regional economic development: Will “vying for talent” through policy succeed?. Cities, 98, 102577. https://doi.org/10.1016/j.cities.2019.102577
Yao, L., Li, J., & Li, J. (2020). Urban innovation and intercity patent collaboration: A network analysis of China’s national innovation system. Technological Forecasting and Social Change, 160, 120185. https://doi.org/10.1016/j.techfore.2020.120185
Yicai Research Institute. (2017). China’s urban and industrial innovation report 2017 was released. Retrieved December 15, 2021, from https://www.iqiyi.com/v_19rrf0zbu0.html
Yu, L., & Cai, Y. (2021). Do rising housing prices restrict city’s innovation vitality? Evidence from 288 cities in China. Economic Analysis and Policy, 72, 276–288. https://doi.org/10.1016/j.eap.2021.08.012
Zhang, H., & Liu, Y. (2017). Economic growth and international trade effect on fiscal revenue empirical research in China area. Journal of Finance and Accounting, 5(3), 96–101. https://doi.org/10.11648/j.jfa.20170503.12
Zhang, J., Gao, K., & Lu, W. (2020). Human capital accumulation, innovation and economic growth. Dongyue Tribune, 41(11), 39–48 (in Chinese). https://doi.org/10.15981/j.cnki.dongyueluncong.2020.11.004
Aghion, P., Alesina, A. F., & Trebbi, F. (2007). Democracy, technology, and growth (Working Paper No. 13180). National Bureau of Economic Research. https://doi.org/10.3386/w13180
Aghion, P., Reenen, J. V., & Zingales, L. (2013). Innovation and institutional ownership. American Economic Review, 103(1), 277–304. https://doi.org/10.1257/aer.103.1.277
Antonelli, C. (2003). The economics of innovation, new technologies and structural change. Routledge.
Arellano, M., & Bond, S. R. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
Attanasio, O. P., Blow, L., Hamilton, R., & Leicester, A. (2009). Booms and busts: Consumption, house prices and expectations. Economica, 76(301), 20–50. https://doi.org/10.1111/j.1468-0335.2008.00708.x
Autor, D., Dorn, D., Hanson, G. H., Pisano, G., & Shu, P. (2016). Foreign competition and domestic innovation: Evidence from Us patents (Working Paper No. 22879). National Bureau of Economic Research. https://doi.org/10.3386/w22879
Ayres, R. U., Turton, H., & Casten, T. (2007). Energy efficiency, sustainability and economic growth. Energy, 32, 634–648. https://doi.org/10.1016/j.energy.2006.06.005
Bianchi, N., & Giorcelli, M. (2020). Scientific education and innovation: From technical diplomas to university STEM degrees. Journal of the European Economic Association, 18(5), 2608–2646. https://doi.org/10.1093/jeea/jvz049
Boettke, P. J., & Marciano, A. (2017). The distance between Buchanan’s “An Economic Theory of Clubs” and Tiebout’s “A Pure Theory of Local Public Expenditures”. New insights based on an unpublished manuscript. The European Journal of the History of Economic Thought, 24(2), 205–237. https://doi.org/10.1080/09672567.2016.1168464
Cai, S., Wang, H., & Zhou, X. (2021). Do city size and population density influence regional innovation output evidence from China?. Wireless Communications and Mobile Computing, 2021, 3582053. https://doi.org/10.1155/2021/3582053
Caragliu, A., & Del Bo, C. F. (2019). Smart innovative cities: The impact of Smart City policies on city’s innovation. Technological Forecasting and Social Change, 142, 373–383. https://doi.org/10.1016/j.techfore.2018.07.022
Castellion, G., & Markham, S. K. (2013). Perspective: New product failure rates: Influence of argumentum ad populum and self-interest. Journal of Product Innovation Management, 30(5), 976–979. https://doi.org/10.1111/j.1540-5885.2012.01009.x
Chaney, T., Sraer, D., & Thesmar, D. (2012). The collateral channel: How real estate shocks affect corporate investment. American Economic Review, 102(6), 2381–2409. https://doi.org/10.1257/aer.102.6.2381
Chang, X., Fu, K., Low, A., & Zhang, W. (2015). Non-executive employee stock options and corporate innovation. Journal of Financial Economics, 115(1), 168–188. https://doi.org/10.1016/j.jfineco.2014.09.002
Cornaggia, J., & Li, J.Y. (2019). The value of access to finance: Evidence from M&As. Journal of Financial Economics, 131(1), 232–250. https://doi.org/10.1016/j.jfineco.2018.09.003
Davidov, E., & Semyonov, M. (2017). Attitudes toward immigrants in European societies. International Journal of Comparative Sociology, 58(5), 359–366. https://doi.org/10.1177/0020715217732183
Ding, Y., Chin, L., Li, F., & Deng, P. (2022a). How does government efficiency affect health outcomes? The empirical evidence from 156 countries. International Journal of Environmental Research and Public Health, 19(15), 9436. https://doi.org/10.3390/ijerph19159436
Ding, Y., Chin, L., Lu, M., & Deng, P. (2022b). Do high housing prices crowd out young professionals?- Micro-evidence from China. Economic Research-Ekonomska Istraživanja. https://doi.org/10.1080/1331677X.2022.2142832
Ding, Y., Lee, C., & Lu, M. (2022c). Does market sentiment push up China’s housing prices? An empirical study based on the data of 45 mainstream cities in China. Journal of Housing and the Built Environment. https://doi.org/10.1007/s10901-022-09985-7
Farre-Mensa, J., Hegde, D., & Ljungqvist, A. (2020). What is a patent worth? Evidence from the US patent “lottery”. The Journal of Finance, 75(2), 639–682. https://doi.org/10.1111/jofi.12867
Fisher, I. (1930). The theory of interest. MacMillan.
Fung, H. G., Huang, A. G., Liu, Q., & Shen, M. X. (2006). The development of the real estate industry in China. Chinese Economy, 39(1), 84–102. https://doi.org/10.2753/CES1097-1475390104
Gan, J. (2007). Collateral, debt capacity, and corporate investment: Evidence from a natural experiment. Journal of Financial Economics, 85(3), 709–734. https://doi.org/10.1016/j.jfineco.2006.06.007
Grossman, G. & Helpman, E. (1995). Technology and Trade. In G. Grossman & K. Rogoff (Eds.), Handbook of international economics 3 (pp. 1279–1337). Elsevier. https://doi.org/10.1016/S1573-4404(05)80005-X
Gu, H., Meng, X., Shen, T., & Wen, L. (2020). China’s highly educated talents in 2015: Patterns, determinants and spatial spillover effect. Applied Spatial Analysis and Policy, 13(3), 631–648. https://doi.org/10.1007/s12061-019-09322-6
Heijster, J. (2020). Imagining modernization: The symbolic embrace of GDP in China. Chinese Political Science Review, 5(1), 50–73. https://doi.org/10.1007/s41111-019-00132-2
Henderson, V., Kuncoro, A., & Turner, M. (1995). Industrial development in cities. Journal of Political Economy, 103(5), 1067–1090. https://doi.org/10.1086/262013
Howell, A. (2020). Industry relatedness, FDI liberalization and the indigenous innovation process in China. Regional Studies, 54(2), 229–243. https://doi.org/10.1080/00343404.2019.1623871
Hsieh-Sheng, C. (2011). The relationship between technology industrial cluster and innovation in Taiwan. Asia Pacific Management Review, 16(3), 277–288.
Huang, Y., Qian, L., Tyfield, D., & Soopramanien, D. (2021). On the heterogeneity in consumer preferences for electric vehicles across generations and cities in China. Technological Forecasting and Social Change, 167, 120687. https://doi.org/10.1016/j.techfore.2021.120687
Iammarino, S., & McCann, P. (2006). The structure and evolution of industrial clusters: Transactions, technology and knowledge spillovers. Research Policy, 35(7), 1018–1036. https://doi.org/10.1016/j.respol.2006.05.004
Jalles, J. T. (2010). How to measure innovation? New evidence of the technology-growth linkage. Research in Economics, 64(2), 81–96. https://doi.org/10.1016/j.rie.2009.10.007
Landry, C. (2001). The creative city: A toolkit for urban innovators. Community Development Journal, 36(2), 165–167. https://doi.org/10.1093/cdj/36.2.165
Li, L., & Zhang, X. (2020). Spatial evolution and critical factors of urban innovation: Evidence from Shanghai, China. Sustainability, 12(3), 938. https://doi.org/10.3390/su12030938
Li, W., & Zheng, M. (2016). Is it substantive innovation or strategic innovation?- Impact of Macroeconomic Policies on Micro-enterprises’ Innovation. Economic Research Journal, 51(4), 60–73 (in Chinese).
Liang, S., Zhao, J., He, S., Xu, Q., & Ma, X. (2019). Spatial econometric analysis of carbon emission intensity in Chinese provinces from the perspective of innovation-driven. Environmental Science and Pollution Research, 26(14), 13878–13895. https://doi.org/10.1007/s11356-019-04131-3
Lin, X., Ren, T., Wu, H., & Xiao, Y. (2021). Housing price, talent movement, and innovation output: Evidence from Chinese cities. Review of Development Economics, 25(1), 76–103. https://doi.org/10.1111/rode.12705
Lind, J. T., & Mehlum, H. (2010). With or without U? The appropriate test for a U-shaped relationship. Oxford Bulletin of Economics and Statistics, 72(1), 109–118. https://doi.org/10.1111/j.1468-0084.2009.00569.x
Liu, D., & Liu, W. (2016). Trade openness and manufacturing industry’s innovation performance based on the perspective of positive and negative list. Science & Technology Progress and Policy, 33(23), 57–61 (in Chinese).
Louise, S. (1995). Housing prices and the savings of renters. Journal of Urban Economics, 38(1), 94–125. https://doi.org/10.1006/juec.1995.1024
Luo, J., & Cheng, K. (2013). The influence of FDI on energy efficiency of China: An empirical analysis based on DEA method. Applied Mechanics and Materials, 291, 1217–1220. https://doi.org/10.4028/www.scientific.net/AMM.291-294.1217
Ning, L., Wang, F., & Li, J. (2016). Urban innovation, regional externalities of foreign direct investment and industrial agglomeration: Evidence from Chinese cities. Research Policy, 45(4), 830–843. https://doi.org/10.1016/j.respol.2016.01.014
Sanchez-Gonzalez, G., & Herrera, L. (2015). User cooperation effects on firm’s innovation outputs. Canadian Journal of Administrative Sciences-Revue Canadienne Des Sciences de L Administration, 32(2), 86–101. https://doi.org/10.1002/cjas.1319
Schneider, P. (2005). International trade, economic growth and intellectual property rights: A panel data study of developed and developing countries. Journal of Development Economics, 78(2), 529–547. https://doi.org/10.1016/j.jdeveco.2004.09.001
Shi, J., Wang, Y., &Wu, W. (2016). The crowding-out effect of real estate markets on corporate innovation: Evidence from China (Working Paper). https://doi.org/10.2139/ssrn.2720314
Simms, A., & Nichols, T. (2014). Social loafing: A review of the literature. Journal of Management and Practice, 15(1), 58.
Solow, R.M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312–320. https://doi.org/10.2307/1926047
Tian, X., & Wang, J. (2018). Research on spatial correlation in regional innovation spillover in China based on patents. Sustainability, 10(9), 3090. https://doi.org/10.3390/su10093090
Wen, H., & Goodman, A.C. (2013). Relationship between urban land price and housing price: Evidence from 21 provincial capitals in China. Habitat International, 40, 9–17. https://doi.org/10.1016/j.habitatint.2013.01.004
Wen, J., Deng, P., Zhang, Q., & Chang, C. (2021). Is higher government efficiency bringing about higher innovation? Technological and Economic Development of Economy, 27(3), 626–655. https://doi.org/10.3846/tede.2021.14269
Wen, J., Feng, G., Chang, C., & Feng, Z. (2018). Stock liquidity and enterprise innovation: New evidence from China. The European Journal of Finance, 24(9), 683–713. https://doi.org/10.1080/1351847X.2017.1347573
Wong, W. L., Chin, L., & Koong, S. S. (2019). Housing prices in Peninsular Malaysia: Supported by income, foreign inflow or speculation? International Journal of Housing Markets and Analysis, 12(2), 424–441. https://doi.org/10.1108/IJHMA-01-2018-0001
Wong, W. L., Law, S. H., Said, R. & Chin, L. (2015), Consumption and housing wealth: A Malaysian case that demonstrates a negative relationship. International Journal of Economics and Management, 9(S), 163–180.
Yang, R., & Bao, J. (2019). Can agglomeration of productive services effectively promote urban innovation?. Modern Economic Research, (4), 80–87 (in Chinese). https://doi.org/10.13891/j.cnki.mer.2019.04.011
Yang, Z., & Pan, Y. (2020a). Are cities losing their vitality? Exploring human capital in Chinese cities. Habitat International, 96, 102104. https://doi.org/10.1016/j.habitatint.2019.102104
Yang, Z., & Pan, Y. (2020b). Human capital, housing prices, and regional economic development: Will “vying for talent” through policy succeed?. Cities, 98, 102577. https://doi.org/10.1016/j.cities.2019.102577
Yao, L., Li, J., & Li, J. (2020). Urban innovation and intercity patent collaboration: A network analysis of China’s national innovation system. Technological Forecasting and Social Change, 160, 120185. https://doi.org/10.1016/j.techfore.2020.120185
Yicai Research Institute. (2017). China’s urban and industrial innovation report 2017 was released. Retrieved December 15, 2021, from https://www.iqiyi.com/v_19rrf0zbu0.html
Yu, L., & Cai, Y. (2021). Do rising housing prices restrict city’s innovation vitality? Evidence from 288 cities in China. Economic Analysis and Policy, 72, 276–288. https://doi.org/10.1016/j.eap.2021.08.012
Zhang, H., & Liu, Y. (2017). Economic growth and international trade effect on fiscal revenue empirical research in China area. Journal of Finance and Accounting, 5(3), 96–101. https://doi.org/10.11648/j.jfa.20170503.12
Zhang, J., Gao, K., & Lu, W. (2020). Human capital accumulation, innovation and economic growth. Dongyue Tribune, 41(11), 39–48 (in Chinese). https://doi.org/10.15981/j.cnki.dongyueluncong.2020.11.004