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

Table 5

Robustness test.

	Model 1	Model 2
	Expenditure	Upgrade
Flow	0.0307 (5.79)	0.0060 (3.38)
URB	0.0005 (0.37)	0.0017 (3.90)
PGDP	0.0051 (1.77)	−0.0040 (−4.16)
FDI	0.0029 (0.07)	−0.0548 (−3.86)
Market	−0.0877 (−3.08)	−0.0402 (−4.20)
GOV	0.1356 (2.41)	0.0238 (1.26)
CONS	8.4925 (174.58)	0.2503 (15.28)
Individual/time effect	Yes	Yes
	0.9885	0.7968
N	540	540

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