Does Infrastructure Improve Residents’ Consumption? Evidence from China’s New-Generation Infrastructure

Table 2

Benchmark regression.

	Model 1	Model 2	Model 3	Model 4
	Expenditure	Expenditure	Upgrade	Upgrade
Narrow	0.0362 (4.16)		0.0078 (2.69)
Broad		0.0186 (2.25)		0.0065 (2.39)
URB	0.0017 (1.28)	0.0015 (1.12)	0.0019 (4.45)	0.0019 (4.42)
PGDP	0.0048 (1.62)	0.0062 (2.12)	−0.0041 (−4.21)	−0.0038 (−3.95)
FDI	−0.0277 (−0.65)	−0.0121 (−0.28)	−0.0608 (−4.30)	−0.0555 (−3.87)
Market	−0.0584 (−2.05)	−0.08400 (−2.74)	−0.0344 (−3.62)	−0.0430
				(−4.27)
GOV	0.1350 (2.36)	0.1491 (2.57)	0.0236 (1.24)	0.0280 (1.47)
CONS	8.4274 (140.86)	8.4780 (127.78)	0.2346 (11.78)	0.2314 (10.59)
Individual/time effect	Yes	Yes	Yes	Yes
	0.8981	0.8978	0.7951	0.7945
N	540	540	540	540

Note. T-statistics are shown in parentheses. , , indicate 1%, 5%, 10% respectively.