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

Table 3

Regional heterogeneity.

Variable	East				Midlands				West
	Expenditure	Upgrade	Expenditure	Upgrade	Expenditure	Upgrade	Expenditure	Upgrade	Expenditure	Upgrade	Expenditure	Upgrade
Narrow	0.0373 (3.45)	0.0047 (1.34)			0.0073 (0.61)	0.0065 (1.47)			0.0846 (4.68)	−0.0015 (−0.24)
Broad			0.0343 (3.86)	0.0060 (2.08)			0.0220 (1.14)	0.0217 (3.12)			0.0448 (3.01)	0.0037 (0.74)
URB	0.0028 (1.56)	0.0006 (0.95)	0.0039 (2.12)	0.008 (1.29)	0.0002 (0.11)	−0.0006 (−0.80)	0.0007 (0.37)	−0.0001 (−0.11)	−0.0030 (−0.72)	0.0008 (0.58)	0.0004 (0.09)	0.0011 (0.73)
PGDP	0.0171 (2.30)	0.0011 (0.48)	0.0212 (2.95)	0.0016 (0.67)	0.0348 (4.57)	−0.0039 (−1.38)	0.0336 (4.44)	−0.0052 (−1.89)	0.0058 (0.44)	0.101 (2.20)	0.0199 (1.38)	0.0110 (2.32)
FDI	−0.5579 (−1.42)	−0.1676 (−1.32)	−0.5657 (−1.45)	−0.1726 (−1.37)	−0.1744 (−0.43)	0.0009 (0.01)	−0.2086 (−0.52)	−0.0341 (−0.23)	−0.6504 (−0.81)	−0.0226 (−0.08)	0.1257 (0.15)	−0.0223 (−0.08)
Market	−0.0310 (−0.64)	−0.0354 (−2.27)	−0.1004 (−2.02)	−0.0466 (−2.90)	0.0321 (0.64)	−0.0031 (−0.17)	0.0207 (0.42)	−0.0139 (−0.78)	−0.0951 (−0.87)	−0.1078 (−2.82)	−0.4020 (−3.29)	−0.1178 (−2.92)
GOV	1.6042 (5.14)	−0.02439 (−0.24)	1.5437 (5.00)	−0.02734 (−0.27)	0.5308 (1.71)	0.0280 (0.25)	0.5688 (1.83)	0.0675 (0.60)	4.3998 (5.62)	−0.3585 (−1.32)	3.7029 (4.53)	−0.3654 (−1.35)
CONS	8.4163 (109.24)	0.2960 (11.89)	8.3373 (95.96)	0.2746 (9.78)	8.5596 (108.35)	0.3227 (11.06)	8.4633 (67.36)	0.2254 (4.96)	8.2467 (59.55)	0.3384 (7.03)	8.1284 (44.54)	0.3031 (5.03)
Individual/time effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	0.9203	0.8774	0.9104	0.8785	0.9238	0.8869	0.9139	0.8923	0.9223	0.8995	0.9115	0.8999
N	324	324	324	324	180	180	180	180	144	144	144	144

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