Table 5.

Results of heterogeneity analysis.

	By region			By population aging level
	Eastern region	Eastern region	Western region	High–aging region	Low–aging region
	(1)	(2)	(3)	(4)	(5)
ρ	0.2110***	0.2856***	0.2007*	0.2513***	0.2520***
	(2.4102)	(2.5130)	(1.9055)	(2.8011)	(3.5103)
Internet 1	−0.0270**	−0.0210**	−0.0199	−0.0203*	−0.0281**
	(−2.2114)	(−2.0327)	(−1.6037)	(−1.8130)	(−2.1054)
d–internet	0.0130**	0.0158*	0.0245*	0.0246*	0.0220*
	(2.1012)	(1.8063)	(1.8206)	(1.9905)	(1.8931)
People	−0.0198*	−0.0213**	−0.0252**	−0.0206	−0.0217**
	(−1.7063)	(−2.1039)	(−2.0814)	(−1.2160)	(−2.0562)
rgdp	0.0018	0.0015	0.0011	0.0201	0.0155
	(0.1188)	(0.1231)	(0.1110)	(0.1164)	(0.1810)
Phone	−0.0106**	−0.0153	−0.0132*	−0.0193	−0.0236**
	(−2.0513)	(−1.3064)	(−1.9330)	(−1.5103)	(−2.1302)
Expend	−0.0829*	−0.0730*	−0.0899	−0.0772	−0.0939*
	(−1.8230)	(−1.9209)	(−1.5530)	(−1.4434)	(−1.8622)
Air	−0.0225*	−0.0208	−0.0133*	−0.0117*	−0.0206
	(−1.8826)	(−1.0266)	(−1.9016)	(−1.9366)	(−1.6689)
R-squared	0.205	0.160	0.177	0.331	0.252
Region effect	Yes	Yes	Yes	Yes	Yes
Time effect	Yes	Yes	Yes	Yes	Yes
Province	12	9	10	17	14
Observations	120	90	100	3,805	3,327

^*, ^**, ^***denote variables significant at the 10, 5, and 1% levels, respectively, and values in parentheses are t-values.