China’s Outward Foreign Direct Investment and Bilateral Trade Potential: A Theoretical and Empirical Study

Table 3

Benchmark regression results.

Variables	CTP		CEP		CIP
	(1)	(2)	(3)	(4)	(5)	(6)
lnOFDI	0.012 (0.001)	0.011 (0.001)	0.011 (0.001)	0.012 (0.001)	0.0189 (0.002)	0.0136 (0.002)
lnGDP		−0.011 (0.001)		−0.011 (0.001)		−0.008 (0.003)
lnRGDP		−0.029 (0.002)		−0.022 (0.002)		−0.038 (0.005)
lnRDIS		0.017 (0.005)		0.028 (0.006)		−0.006 (0.012)
lnTRA		0.045 (0.003)		0.036 (0.004)		0.091 (0.006)
lnRES		0.002 (0.001)		−0.005 (0.001)		0.020 (0.001)
lnUPR		0.063 (0.006)		0.029 (0.007)		0.200 (0.013)
lnICT		0.009 (0.003)		0.0118 (0.004)		−0.019 (0.008)
lnIST		0.301 (0.020)		0.237 (0.022)		0.174 (0.041)
Constant term	−0.117 (0.012)	−1.597 (0.106)	−0.108 (0.012)	−1.319 (0.115)	−0.189 (0.027)	−1.453 (0.214)
Time effects	Yes	Yes	Yes	Yes	Yes	Yes
Individual effects	Yes	Yes	Yes	Yes	Yes	Yes
Obs.	896	896	896	896	896	896
R^2	0.233	0.684	0.196	0.529	0.158	0.630

Note. , , and mean that the variables are significant at the 1%, 5%, and 10% level, respectively; standard deviations are shown in parentheses.