Table 2 Variables and their connotation.
Variables | Symbol | Indicator connotation |
|---|---|---|
Financial development scale | FIR | Proportion of RMB deposit and loan balance of financial institutions to GDP |
Financial structure | FS | The ratio of stock market value to bank credit |
Financial development efficiency | FE | Balance of financial institutions’ loans than balance of deposits |
Sustainable development goal | SDG | Sustainable Development (SDG) Index |
Population growth | PGR | Population rate of increase |
Scientific and technological level | TECH | R&D expenditure as a proportion of GDP |
Foreign trade | FT | The proportion of imports of goods and services in GDP |
Education | EDU | Proportion of government expenditure on education to total government expenditure |
Manpower capital | RD | Number of R&D personnel per one million people |
