Table 6. The intermediary model results of consumption expansion.

Variables	hqe	cd	hqe
digit	0.6652*** a (0.0114) b	0.3627** (0.0316)	0.5578*** (0.0118)
cd			0.4453** (0.0188)
open	0.0027*** (0.0003)	0.0002 (0.0008)	0.0027*** (0.0086)
basein	0.0059 (0.0062)	0.0924*** (0.0171)	0.0017 (0.0064)
govern	-0.0256*** (0.0084)	-0.0619*** (0.0233)	-0.0228*** (0.0085)
constant	0.2002*** (0.0250)	0.3039*** (0.0689)	0.1864*** (0.0256)
R 2	0.8998	0.1567	0.9214

^a *, **, *** indicate a significance level of 10%, 5% and 1%, respectively.

^b Values in () are standard errors.