The macroeconomic regulation and control policy in China’s real estate market is often in a state of failure. A significant reason for this is the lack of consideration for supply factors in the real estate market. China’s real estate regulation and control policies are designed based on the larger long-term housing supply elasticity. However, actually, some factors existing in China’s real estate market have led to reduced supply elasticity of real estate in a long run. Using stock adjustment model of previous research with equilibrium analysis, this paper draws a conclusion that the ideally expected housing supply elasticity is greater than the actual housing supply elasticity. The supply adjustment viscosity effect caused by the reduction can result in failures for real estate regulation and control policies. After analyzing the housing price elasticity and supply stickiness coefficient, it can be found that as the only supply main body in land market, the local government’s economic behaviors would lead to the occurrence of the real estate supply adjustment stickiness effect.

Drawing on evidence from China's land market, this study systematically investigates the impact of land misallocation on economic resilience and reveals the underlying mechanism that operates by suppressing technological advancement. A theoretical model of economic resilience is developed, incorporating technology and factor allocation. Empirical analysis is conducted using a panel dataset of 95 Chinese cities (2011-2024) through spatial econometric and mediation models. The findings indicate that land misallocation significantly reduces local economic resilience and exhibits negative spatial spillover effects. The core mechanism is identified as follows: subsidies via low-priced industrial land delay the market exit of low-efficiency firms, hindering the reallocation of production factors to more productive sectors. This suppression of technological progress ultimately weakens a region's capacity to withstand external shocks. Based on the findings, policy implications include optimizing land supply structure, accelerating fiscal system reform, and strengthening policy coordination.

This study empirically examines the impact and mechanisms of venture capital on innovation-driven development using a Panel Vector Autoregressive (PVAR) model with three proxy variables: total factor productivity (TFP), industrial upgrading, and technological progress. The findings demonstrate that venture capital significantly promotes innovation-driven economic development overall. Specifically, while the scale of venture capital investment shows a significant positive correlation with industrial upgrading, it fails to significantly enhance either TFP growth or technological advancement. In contrast, increasing the proportion of venture capital in aggregate social financing significantly drives technological progress. These results suggest that to fully realize high-quality, innovation-driven development through venture capital, policymakers must simultaneously expand the scale of venture capital investment and restructure regional financing systems by increasing the share of direct financing. Based on these conclusions, the study proposes policy recommendations including reforming the social financing structure, improving the multi-tier capital market system, and optimizing exit mechanisms for venture capital funds.

The research on real estate bubbles can be analyzed from two perspectives: the demand and supply variables, but most researchers only consider the supply variables while ignoring the important supply factor: the land supplement. The land supply amount and the supply mode affect the real estate market. The total amount of land supply may be directly proportional to the supply changes in the real estate market; while the size of a single parcel may be in an inverse proportion to the supply changes in the real estate market. Through theoretical analysis, we learn that the main ruling part’s monopoly of land markets has led to the total lack of land supply and the fact that the supply of a single parcel is too large, thus leading to real estate bubbles to a certain extent.

The lack of consideration to housing supply-side factors is the main cause for the frequent failure in the macro-control over the housing market in China. The housing supply elasticity manifests as the sensitivity of the housing supply change rate to the housing price change. Therefore, in the implementation of housing regulation policies, supply elasticity is an important consideration factor in the housing supply side. China’s housing regulation and control policies are designed mainly based on the large long-term housing price elasticity. In this paper, panel data from 34 large and medium-sized cities was based to measure the housing supply elasticity in China, and find that China’s housing market supply is generally inelastic. Moreover, the housing supply elasticity of each city was measured separately, and a regional comparative analysis was made to identify factors affecting the supply elasticity.