VARIABLES

Lngdp

Lngdp

Lngdp

HSR

0.0460***

(0.0165)

HSR_xian

0.0470***

(0.0154)

HSR_sxq

0.0447

(0.0322)

HSR_guixi

0.0826***

(0.0279)

HSR_beibuwan

0.0821**

(0.0342)

HSR_xijiang

0.0224

(0.0169)

Lmpeo

0.642***

0.646***

0.624***

(0.205)

(0.214)

(0.213)

Pribz

−0.0310***

−0.0310***

−0.0306***

(0.00271)

(0.00271)

(0.00265)

Lnsge

−0.0292

−0.0288

−0.0307

(0.0293)

(0.0308)

(0.0282)

Lnsinvest

0.0252*

0.0251*

0.0257*

(0.0134)

(0.0134)

(0.0136)

Lnstrs

−0.0167

−0.0165

−0.0193

(0.0156)

(0.0157)

(0.0162)

Constant

11.87***

11.85***

11.97***

(0.924)

(0.998)

(0.948)

Observations

616

616

616

R-squared

0.950

0.950

0.951

Country FE

YES

YES

YES

Year FE

YES

YES

YES