| Variable | Mnemonic | Definition | Expected direction |
| housing sales | ltsale | ltsale = ln(housing sales) | |
| coal consumption | lcoal | local = ln(coal consumption) | + |
| average price of house | laprice | laprice = ln(average price of house) | + |
| employment in housing sector | lem | lem = ln(em) | + |
| industrialization | lur | lur = ln(non-agricultural output/GDP) | + |
| net export | lnx | lnx = ln(export-import) | - |
| local government expenditure | lg | lg = ln(local government expenditure) | - |