Table 5.

Control variables and their measurement.

Categorization	Control variables	Measurement
Physical factor	Economic growth (EG)	Regional GDP growth rate
Factual factor	Financial Engineering (FE)	Financial sector value added as a percentage of GRP
	Foreign Direct Investment (FDI)	Total exports and imports as a percentage of regional GDP
	Urban-rural structure (UR)	Urbanization rate
Humanistic factor	Investment efficiency (EI)	Incremental capital output rate (ICOR)
	Government debt (GD)	Government debt balance as a percentage of regional GDP