Table 1.

Regression results of the econometric model.

	(1)	(2)	(3)	(4)	(5)	(6)
$GER$	−115.577 ***	−115.047 ***	−118.454 ***	−112.991 ***	−105.736 ***
	(−10.91)	(−10.75)	(−11.21)	(−11.74)	(−11.99)
$GE{R}^2$	3451.456 ***	3429.727 ***	3474.165 ***	3336.962 ***	3109.288 ***
	(7.42)	(7.31)	(7.53)	(7.95)	(8.10)
$\ln CI$		0.015	0.034	−0.177 ***	−0.197 ***	−0.219 ***
		(0.37)	(0.86)	(−4.12)	(−5.03)	(−4.58)
$\ln LI$			−0.253 ***	−0.338 ***	−0.382 ***	−0.346 ***
			(−3.72)	(−5.39)	(−6.65)	(−5.21)
$\ln AGDP$				1.216 ***	0.482 ***	0.506 ***
				(8.90)	(3.20)	(2.76)
$\ln ISL$					−0.933 ***	−1.043 ***
					(−8.71)	(−7.95)
$GE{R}_{1-}$						−70.978 ***
						(−6.97)
$GE{R}_{1-}^2$						2374.371 ***
						(5.43)
_cons	−0.241 ***	−0.329	0.563 *	−9.337 ***	−2.266 *	−2.702 *
	(−4.05)	(−1.36)	(1.66)	(−8.09)	(−1.70)	(−1.66)
N	420	420	420	420	420	390
Time fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
Provinces and cities fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
R2	0.404	0.404	0.425	0.526	0.607	0.504

Notes: t statistics in parentheses; *** p < 0.01, * p < 0.1.