Treatment

Control

Coefficient

Std. Err.

R-square

Hong Kong

Singapore

1.033***

0.105

0.9937

Italy

0.017

0.049

U.S.A

−0.557***

0.163

Macao

Singapore

2.039***

0.221

0.9974

Italy

2.967***

0.463

The Republic of Korea

−0.202**

0.075

Netherlands

−2.555***

0.511

Guangzhou

Jieyang

−0.480***

0.096

0.9992

Chaozhou

0.872***

0.204

Qingyuan

−0.441***

0.061

Shaoguang

1.399***

0.142

Shenzhen

Jieyang

−0.839***

0.141

0.9986

Chaozhou

1.378***

0.299

Qingyuan

−0.789***

0.090

Shaoguang

1.829***

0.208

Zhuhai

Qingyuan

−0.403***

0.074

0.9979

Shaoguang

1.642***

0.097

Foshan

Jieyang

−0.214***

0.057

0.9996

Shaoguang

1.051***

0.078

Zhanjiang

0.483***

0.092

Huizhou

Yangjiang

0.733***

0.085

0.9992

Shanwei

0.312***

0.093

Dongguang

Jieyang

−1.320***

0.137

0.9979

Shaoguang

0.821***

0.218

Shanwei

1.714***

0.241

Zhongshan

Jieyang

−0.919***

0.162

0.998

Chaozhou

1.017**

0.378

Shaoguang

1.229***

0.246

Jiangmen

Qingyuan

0.388***

0.023

0.9993

Shanwei

0.353***

0.031

Zhaoqing

Jieyang

0.499***

0.038

0.9998

Chaozhou

1.007***

0.125

Zhanjiang

−0.934***

0.095

Yangjiang

1.701***

0.109

Shanwei

−1.100***

0.081