Co-integration analysis among real estate investment, GDP and output of new wall materials in China

By constructing timing sequences, the long-term co-integration and Granger causality among real estate investment, GDP and the output of new wall materials were analyzed. It is concluded that the real estate investment and the amount of GDP are the co-integration variables of the output of new wall materials, which means they promote the development of new wall material industry. Moreover, the output of new wall material industry doesn't affect GDP directly, but lead the real estate investment to change.