There is an internal relationship between housing assets and liabilities,which results in the impact of changes in hous-ing assets and liabilities on consumption is not clear.Based on the unbalanced panel data of CHFS in 2017 and 2019,we analyze the impact of housing assets and housing debt on household consumption expenditure.We find tha t housing wealth can signifi-cantly promote household consumption expenditure and consumption upgrading,while housing debt significantly inhibits the growth and upgrading of household consumption,and there is no threshold effect of housing debt on household consumption.The cross-product regression coefficient shows that housing debt has an uncertain impact on the effect of housing wealth.Specifically,housing debt weakens the effect of housing wealth on consumption expenditure,but expands the impact of housing wealth on con-sumption upgrading.There are obvious differences in the impact of housing assets and debt on household consumption,that is,the impact on the only-one house households is greater than that on the multi-house households and the impact on food,clothing,transportation and communication expenditure is significant.The impact of housing assets on the consumption upgrading of households is significant,while the impact of housing debt only on the consumption upgrading of urban households is obvious.The policy implications include stabilizing household leverage,releasing housing wealth liquidity and optimizing differentiated credit policies.
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