| Designation | Symbol |
| Definition |
| Explained variable |
|
|
|
| Industrial structure upgrade |
| UIS | (Added value of secondary industry + Added value of tertiary industry)/GDP |
| Explanatory variables1 |
|
|
|
| Green finance | Green finance, GF | GR | Green credit balance/RMB loan balance |
| Green securities | GS | Related enterprises market value/the market capitalization of A shares | |
| Explanatory variables2 |
|
|
|
| Proportion of primary industry | Industrial structure, IS | IS1 | Added value of primary industry/GDP |
| Proportion of secondary industry | IS2 | Added value of secondary industry/GDP | |
| Proportion of tertiary industry | IS3 | Added value of tertiary industry/GDP | |
| Control variable1 |
|
|
|
| Technical progress |
| T | R&D expenditure/GDP |
| Green industry |
| G | 1—“Two high and one surplus” industry loan balance/RMB loan balance |