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Construction and economic development: the case of Hong Kong

机译：建设与经济发展：以香港为例

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摘要

The role of construction in economic development is an important issue facing the construction research community, government and international development agencies. Based on empirical analyses, the complexities of the relationship between construction activity and stage of economic development in Hong Kong were examined. With time series data, Granger causality test results show that the construction output particularly the infrastructure sector drives the economic growth of Hong Kong, and not vice versa. Findings further indicate that the role of the local construction industry changes as the economy matures from newly industrializing country (NIC) to advanced industrialized country (AIC) status, as revealed by the diminishing rate of capacity addition by construction as well as the growing maintenance and repair sector. This complies with Bon's inverted U-shaped relationship between construction activity and gross domestic product (GDP). However, the proposition of 'volume follows share' is not supported since the indigenous construction investments still sustain for the service-oriented economy which inevitably needs commercial development and logistics infrastructure to provide the services. The results may be significant for policy makers in NICs, in the long run, to formulate corporate and industrial policies to chart out a viable and sustainable course to revive the vigour of the industry.
机译：建筑在经济发展中的作用是建筑研究界，政府和国际发展机构面临的重要问题。基于经验分析，研究了香港建筑活动与经济发展阶段之间关系的复杂性。利用时间序列数据，格兰杰因果关系检验结果表明，建筑业尤其是基础设施业推动了香港的经济增长，反之亦然。研究结果还表明，随着经济从新兴工业化国家（NIC）走向先进工业化国家（AIC）的成熟，本地建筑业的作用也发生了变化，这体现在建筑业增加产能的比率不断下降以及维护和维护的增长。维修部门。这符合Bon在建筑活动与国内生产总值（GDP）之间的倒U形关系。但是，不支持“数量跟随份额”的主张，因为本地建设投资仍将维持面向服务的经济，这必然需要商业发展和物流基础设施来提供服务。从长远来看，这一结果对于NIC的决策者而言可能是重要的，它可以制定公司和行业政策，以制定出可行且可持续的路线，以振兴该行业的活力。

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