Explanatory variables

Regression coefficient

robust standard errors

The proportion of local financial expenditure on science and technology in local finance

−0.00285***

0.080

R&D investment intensity

−0.04162***

0.048

Total exports of high-technology products as a percentage of GDP

0.01183***

0.066

Proportion of patents granted

0.00306***

0.057

Ratio of research institution personnel to number of research

0.04074***

0.022