Initial value

First iteration

Second iteration

Third Iteration

Area

Debt

Efficiency

Debt

Φ

Debt

Φ

Debt

Φ

beijing

38,768,800

1

42,022,904

1

42,239,630

1

42,240,500

1

tianjin

34,239,836

0.8459692

31,727,408

0.9866127

31,457,930

0.9999336

31,456,450

1

hebei

61,509,700

1

66,672,587

1

67,016,440

1

67,017,820

1

shanxi

25,785,600

1

27,949,944

1

28,094,090

1

28,094,670

1

neimeng

61,553,682

1

66,720,261

1

67,064,360

1

67,065,740

1

liaoning

84,550,000

0.5527238

51,775,230

0.9581251

49,803,540

0.9998351

49,796,100

1

jilim

31,932,700

1

34,613,008

1

34,791,520

1

34,792,240

1

heilongjiang

34,546,000

1

37,445,658

1

37,638,780

1

37,639,560

1

shanghai

46,942,000

0.4148857

22,606,850

0.9190201

20,867,170

0.9996468

20,860,140

1

jiangsu

120,262,800

1

130,335,140

1

130,670,500

1

130,673,200

1

zhejiang

92,390,900

1

100,145,836

1

100,515,700

1

100,517,800

1

anhui

58,233,592

1

63,121,495

1

63,447,030

1

63,448,340

1