Among China’s existing state-level High-tech Industry Development Zones (HIDZ), the number of upgraded ones account for more than 65%, which are supposed to fulfill the important mission of leading innovation. However, while the upgraded state-level HIDZ enjoy more opportunities than before, they also face major challenges such as the significant inter-generational differences between them and the born state-level HIDZ. Based on the panel data of Chinese (prefecture-level) cities from 2007 to 2015, the paper empirically examines the impact of the state-level upgrade of HIDZ on urban innovation efficiency by using a difference-in-differences propensity score matching approach (PSM-DID). The results show that the upgraded state-level HIDZ has significantly improved urban innovation efficiency, and this positive effect has gradually increased with the implementation of the upgrade policy. The further heterogeneity analysis shows that the higher the scientific research level of higher education institutions in the cities, the greater the promotion effect of the state-level upgrade. The paper evaluates the policy effect of the upgraded state-level HIDZ from their stated mission, which is a powerful complement to the existing research and provides more effective guidance for policy-makers.

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Abstract. In recent years, the real estate market price is staying at a high level. This thesis makes a deeply research on what it influences China's economic development and social stability. The thesis studies the real estate market price bubble in Beijing by Ramsey model, from the thesis, we can find the serious problems about the market bubble and put forward countermeasures and suggestions in dealing with it for the government, real estate business and residents.