Descriptive statistics.

This study delves into the time-varying causal relationship between housing prices (HP) and entrepreneurial vitality (EV) in China, employing a rolling-window sub-sample testing approach. The findings reveal that HP exerts both positive and negative influences on EV across different sub-samples. Specifically, when wealth effects dominate, HP positively impacts EV, acting as a promoter. Conversely, when substitution effects prevail, HP negatively affects EV, becoming an inhibitor. Additionally, EV consistently demonstrates a significant positive impact on HP across various sub-samples, indicating that EV serves as a predictor of HP trends. Given these complex and dynamic interactions, it is crucial for policymakers to carefully consider China’s entrepreneurial environment, financial constraints, and other relevant factors. Tailored policies for HP and EV should be designed based on distinct developmental stages to foster a balanced and sustainable economic environment.