Table 1. Descriptions of variables and data.
| Variable | Meaning | Obs | Mean | Std. Dev. | Min | Max |
|---|---|---|---|---|---|---|
| SO2 | SO2 emissions (10,000 tons) | 155 | 65.89 | 41.12 | 0.42 | 182.74 |
| LnSO2 | Natural logarithm of emissions | 155 | 3.81 | 1.18 | –0.86 | 5.20 |
| COD | COD emissions (10,000 tons) | 155 | 76.09 | 49.44 | 2.58 | 198.25 |
| LnCOD | Natural logarithm of emission | 155 | 4.02 | 0.92 | 0.94 | 5.28 |
| Index | Digital finance index reported by Digital Finance Institute of Peking University | 155 | 138.95 | 67.08 | 16.22 | 278.11 |
| PGDP | Per capita GDP (10,000 yuan) | 155 | 4.44 | 1.99 | 1.64 | 9.84 |
| Theil | Theil index measuring income inequality between urban and rural areas | 155 | 0.10 | 0.04 | 0.02 | 0.22 |
| Industry | Ratio of added value of secondary industry to that of tertiary industry | 155 | 1.15 | 0.34 | 0.24 | 1.92 |
Note: Index data are from Peking University Digital Inclusive Financial Index (2011–2015) compiled by the university’s Digital Finance Institute, and data of other variables (including original variables for calculation) are from the China National Statistical Yearbook.