Table 4 Descriptive statistics.
Variable (unit) | Definition | Mean | Max | Min |
|---|---|---|---|---|
Business environment | BE | 0.049 | 0.780 | 0.001 |
Smart city policy | SCP | 0.251 | 1 | 0 |
Urbanization rate (%) | Proportion of urban residents in the total population | 49.336 | 99.87 | 15.279 |
Urban economic density (%) | Regional GDP per unit of administrative land area | 9.233 | 138.940 | 0.089 |
Expenditure on education level (%) | Share of education expenditure in the local public budget | 17.913 | 37.743 | 0.001 |
Fiscal investment effort (%) | Share of fixed asset investment in the local public budget | 430.336 | 1632.051 | 8.511 |
Internet penetration rate (%) | number of internet users as a share of the total population | 1.948 | 24.538 | 0.000 |
Economic development (RMB 10,000) | Logarithm of actual GDP | 15.630 | 19.089 | 13.021 |
Marketization index (RMB 10,000) | Total outstanding RMB loans at financial institutions by year-end | 4.09e + 07 | 9.18e + 08 | 822,787 |
Internationalized index (%) | total imports and exports as a percentage of regional GDP | 22.371 | 2487.773 | 0.000 |
Legal institutionalization index (%) | Frequency of references to digital economy policies | 0.002 | 0.037 | 0.000 |
Fintech (%) | Digital finance index | 2.373 | 6.745 | 0.000 |
