Factor 1

36.88%

Factor 2

50.47%

Factor 3

58.49%

VAI: General equipment

0.9354

PPI: Durable

0.8205

VAI: Food process

0.623

IMPI: Non-energy

0.891

M2: China

−0.7204

CPI: Tobacco, Liquor

0.607

VAI: WOODS process

0.8901

PPI: Clothing

0.7175

M2: US

0.5576

VAI: Paper

0.8844

PPI: Daily use

0.7103

IMPI: Basic metals

−0.5427

Factor 4

64.28%

Factor 5

69.23%

Factor 6

73.62%

US treasury: 1 year

−0.6241

CFFI: Total loans

−0.7544

SH composite index

−0.6453

US: Short loans

−0.6093

Consumer satisfy

0.5736

CFFI: Portfolio

−0.5192

CFFI: Total loans

0.587

M1: US

−0.5551

SZ composite index

−0.456

SZ composite index

0.5506

CPI: Clothing

−0.5189

VAI: Gas production

−0.4263

Factor 7

76.26%

Factor 8

78.47%

VAI: water production

0.6712

IAC: Primary Ind.

−0.4503

CFFI: Portfolio

−0.404

VAI: Electrical M & E

0.3576

IMPI: Woods

0.3577

Fiscal expenditure

0.3543

VAI: Non-ferrous Metals

−0.353

VAI: Furniture

0.3496