| Variable name | Explanation |
| LLP | Loan loss provisions (LLPs) scaled by total loans |
| Shadow | The sum of trust loans, entrusted loans and undiscounted bank acceptance bills |
| NPL | Non-performing loans scaled by total loans |
| Loan | Total loans outstanding scaled by total assets |
| TCAP | Core capital adequacy ratio |
| TCAP | Total capital adequacy ratio |
| EBPT | Earnings before provisions and taxes |
| NCO | Net charge-offs scaled by total assets |
| Size | Natural logarithm of total assets |
| GDP | Provinces’ GDP growth rate |