Period

Shanghai Real GDP

Shanghai counter-factual GDP

Treatment effect Δ1t

Change in %

2013Q4

5502

5189.464

312.536

5.68040712

2014Q1

5631

5356.688

274.312

4.87146155

2014Q2

5714

5280.414

433.586

7.58813441

2014Q3

5924

5420.884

503.116

8.49284267

2014Q4

6236

5413.688

822.312

13.1865298

2015Q1

6154

5317.438

836.562

13.5937927

2015Q2

6165

5099.41

1065.59

17.2845093

2015Q3

6265

5307.438

957.562

15.2843097

2015Q4

6363

5429.88

933.12

14.6647808

2016Q1

6581

5393.398

1187.602

18.0459201

2016Q2

6842

4909.72

1932.28

28.2414499

2016Q3

6891

5592.588

1298.412

18.8421419

2016Q4

7109

5216.776

1892.224

26.617302

2017Q1

7318

5493.838

1824.162

24.9270566