This paper selected the time -series data of China' s real estate investment and GDP f rom the fi rst quarter of 1999 to the first quarter of 2009

using cointeg ration analysis and error co rrection model to identify the relationship between the two .T he empirical results show that

the real estate investment is o ne of the im- po rt ant v ariables that stimulating the economic grow th in China .T he relationship betw een the two is mutual in- f luencing and promo ting .T he short -term elasticity coefficient of the inf luence of real estate investment upon e- conomic g row th is 0 .184

and the long - term elasticity coefficient is 0 . 364 . Which is to say

real estate invest- ment remarkably contributes to national eco nomic g row th in the long term .