Table 6 ATT of formal financial credit.

	Treatment group	Control group	ATT	Standard error	T statistic
Wuhan
New technology adoption	1.700	1.1500	0.5498^*	0.3152	1.74
High Capital, High Risk	0.5750	0.4250	0.1500	0.1237	1.21
High Capital, Low Risk	0.3000	0.1250	0.1792^*	0.1003	1.74
Low Capital, High Risk	0.4250	0.2500	0.1750	0.1163	1.5
Low Capital, Low Risk	0.4000	0.3500	0.0500	0.1224	0.41
High Capital	0.6750	0.4250	0.2493^**	0.1211	2.06
High Risk	0.6750	0.5000	0.1750	0.1223	1.43
Langxi
New technology adoption	1.8282	1.2209	0.6074^**	0.2633	2.31
High Capital, High Risk	0.5583	0.3804	0.1779	0.1124	1.58
High Capital, Low Risk	0.2638	0.0920	0.1718^**	0.0686	2.5
Low Capital, High Risk	0.5521	0.3742	0.1779	0.1125	1.58
Low Capital, Low Risk	0.4540	0.3742	0.0798	0.1088	0.73
High Capital	0.6380	0.4294	0.2086^*	0.1136	1.84
High Risk	0.7055	0.5890	0.1166	0.1138	1.02

***, **, and * indicate significance at 1%, 5% and 10% levels, respectively, with T statistics in brackets.

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