Table 8 Spatial Markov Transition Probability Matrix of China’s CEE.

	t/t + 1	Low	Lower	Higher	High	Obs
Low	Low	0.927	0.062	0.007	0.004	275
	Lower	0.122	0.732	0.146	0.000	41
	Higher	0.050	0.250	0.500	0.200	20
	High	0.000	0.059	0.059	0.882	17
Lower	Low	0.905	0.077	0.007	0.011	884
	Lower	0.176	0.534	0.244	0.046	238
	Higher	0.046	0.144	0.517	0.293	174
	High	0.011	0.028	0.057	0.903	352
Higher	Low	0.891	0.087	0.004	0.017	459
	Lower	0.147	0.565	0.215	0.073	191
	Higher	0.034	0.218	0.559	0.190	179
	High	0.006	0.008	0.074	0.912	622
High	Low	0.888	0.096	0.016	0.000	187
	Lower	0.129	0.468	0.371	0.032	62
	Higher	0.000	0.167	0.417	0.417	72
	High	0.009	0.006	0.032	0.953	339

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