Table 2.
Benchmark regression
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Urban‒rural income gap | ||||
| Integration | -0.121*** | -0.073*** | -0.013*** | -0.013*** |
| (0.018) | (0.016) | (0.003) | (0.003) | |
| Economic development | -0.279*** | -0.016 | ||
| (0.026) | (0.028) | |||
| Industrial structure | 0.029*** | 0.003* | ||
| (0.001) | (0.002) | |||
| Human capital | 3.261*** | 0.683 | ||
| (0.541) | (0.858) | |||
| Fiscal expenditure ratio | 2.044*** | -0.057 | ||
| (0.120) | (0.072) | |||
| Opening‒up | -0.367*** | -0.106* | ||
| (0.071) | (0.059) | |||
| Financial development | -0.076*** | -0.000 | ||
| (0.017) | (0.016) | |||
| Constant | 2.361*** | 2.389*** | 2.305*** | 2.219*** |
| (0.013) | (0.269) | (0.002) | (0.284) | |
| City fixed effect | NO | NO | YES | YES |
| Time fixed effect | NO | NO | YES | YES |
| Observations | 2,011 | 1,979 | 2,011 | 1,979 |
| R-squared | 0.022 | 0.328 | 0.985 | 0.985 |
The values in parentheses represent clustered robust standard errors, with, *,** and *** indicating significance at the 10%, 5%, and 1% levels, respectively