Seasonality and Dynamic Spatial Contagion of Air Pollution in 42 Chinese Cities

Table 2

DCC estimation results with seasonality dummies.

(a) Central China

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH(α)

GARCH(β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Changsha, regional, and national

Changsha

84.18^†; (31.90)

−14.46^†  (−4.60)

3.30; (0.97)

0.98; (0.26)

0.67^†  (33.02)

250.30^†; (5.03)

−152.69^†  (−3.81)

−59.93; (−1.69)

−10.65; (−0.24)

0.40^†; (5.32)

0.37^†  (5.18)

0.03^†; (4.02)

0.87^†  (21.21)

3.59

5.9

Regional

81.50^†; (33.47)

−16.22^†; (−5.89)

−2.63; (−0.82)

3.85; (1.28)

0.74^†  (54.58)

61.63^†  (2.93)

−48.50^†  (−2.74)

−23.99; (−1.59)

−12.66; (−0.77)

0.13^†  (2.07)

0.73^†  (7.80)

2.22

4.12

National

69.86^†  (38.40)

−10.80^†  (−5.15)

−2.98; (−1.33)

5.32^†  (2.40)

0.83^†  (68.03)

12.27^†  (2.51)

−9.84^†  (−2.42)

−4.78; (−1.56)

0.50; (0.17)

0.50^†  (0.17)

0.80^†  (12.13)

14.8^♯

16.35*

Hefei, regional, and national

Hefei

82.47^†  (18.78)

0.08; (0.02)

2.31; (0.47)

−16.87^†  (−3.76)

0.60^†  (35.11)

353.46^†; (3.65)

−51.99; (−0.74)

−7.16; (−0.10)

−218.45^†  (−2.89)

0.40^†  (2.96)

0.22; (1.55)

0.01^†  (4.22)

0.96^†  (81.52)

4.16

4.19

Regional

83.48^†; (45.30)

2.57; (0.99)

−0.75; (−0.28)

−15.08^†  (−7.00)

0.75^†  (56.38)

99.23^†  (3.96)

−5.93; (−0.29)

−19.48; (−1.00)

−70.01^†  (−3.22)

0.19^†  (5.74)

0.49^†  (6.83)

3.32

4.9

National

49.53^†  (45.06)

4.98^†  (3.21)

−2.09; (−1.43)

−6.17^†  (−4.86)

0.81^†; (64.30)

1.83^♯  (2.42)

−0.19; (−0.32)

−1.66^†; (−3.90)

−1.49^♯  (2.45)

0.06^♯  (2.35)

0.93^†; (30.22)

36.84^†

48.18^†

Nanchang, regional, and national

Nanchang

70.03^†; (37.56)

−11.22^†  (−5.15)

1.35; (0.53)

3.29; (1.32)

0.66^†  (45.11)

37.28^♯  (2.49)

−23.34^♯  (−2.40)

−7.13; (−1.08)

−4.36; (−0.63)

0.15^†  (3.18)

0.78^†; (12.11)

0.001; (0.77)

0.99^†  (44.85)

2.73

13.18

Regional

86.18^†; (31.18)

−16.05^†  (−5.15)

0.56; (0.16)

4.48; (1.33)

0.74^†  (55.09)

150.75^♯  (2.55)

−111.46^♯  (−2.30)

−59.29; (−1.50)

−35.52; (−0.92)

0.19^†  (3.73)

0.53^†  (4.28)

1.05

4.34

National

69.73^†  (40.41)

−11.07^†  (−5.51)

−2.03; (−0.90)

4.95^♯  (2.28)

0.81^†; (63.94)

24.89^♯  (2.35)

−18.87^♯  (−2.28)

−8.98; (−1.61)

−0.06; (−0.01)

0.14^†  (3.88)

0.67^†  (6.29)

19.65^†

25.84^†

Wuhan, regional, and national

Wuhan

91.54^†; (29.18)

−21.13^†  (−5.96)

−3.86; (−0.97)

7.19*  (1.71)

0.68^†  (44.34)

84.21; (1.64)

−71.05; (−1.52)

−39.78; (−0.97)

−32.21; (−0.84)

0.03; (0.72)

0.88^†; (13.70)

0.04^♯  (2.15)

0.83^†  (6.10)

3.19

3.94

Regional

78.82^†  (39.56)

−13.82^†  (−6.15)

0.71; (0.27)

2.65; (1.06)

0.73^†  (52.61)

81.45^†  (4.74)

−55.86^†  (−4.20)

−19.16*  (−1.74)

−5.76; (−0.43)

0.23^†  (4.30)

0.55^†; (7.64)

5.13

5.81

National

71.22^†  (44.53)

−11.65^†; (−6.36)

−2.44; (−1.17)

4.33^♯  (2.12)

0.80^†  (61.94)

25.73^†  (3.91)

−19.0^†  (−3.70)

−8.22^♯  (−2.24)

1.66; (0.38)

0.19^†  (4.88)

0.62^†; (8.69)

21.68^†

24.17^†

Zhenzhou, regional, and national

Zhenzhou

81.00^†  (36.24)

−11.65^†  (−4.77)

−5.29^♯  (−2.08)

4.63*  (1.75)

0.63^†; (37.22)

59.93; (1.40)

−43.24; (−1.39)

−24.84; (−1.11)

−17.26; (−1.00)

0.11^♯  (2.25)

0.80^†  (7.33)

0.001^†

0.99^†; (2945)

10.01*

17.2469*

Regional

84.81^†  (32.85)

−17.75^†; (−6.12)

−1.91; (−0.57)

3.25; (1.04)

0.73^†  (52.34)

101.93^♯  (2.57)

−78.53^♯  (−2.48)

−41.77*  (−1.67)

−27.67; (−1.13)

0.14^†  (2.77)

0.68^†  (6.03)

1.22

3.34

National

75.82^†; (40.75)

−10.62^†  (−5.14)

−3.36; (−1.59)

7.16^†  (3.00)

0.80^†  (59.37)

33.88^†  (3.06)

−26.83^†  (−2.79)

−16.93^♯  (−2.16)

−0.62; (−0.09)

0.22^†; (7.25)

0.58^†  (8.15)

5.95

6.72

(b) Eastern China

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Hangzhou, regional, and national

Hangzhou

84.28^†; (43.94)

−16.09^† (−7.02)

−4.34* (−1.65)

1.83; (0.64)

0.59^† (37.87)

252.22^† (3.83)

−142.58^† (−3.43)

−11.29; (−0.33)

100.51; (1.46)

0.16^† (3.03)

0.42^† (3.26)

0.04* (1.92)

0.86^† (6.20)

1.04

1.98

Regional

52.56^† (36.86)

−9.29^† (−5.38)

−5.62^† (−3.15)

−1.46; (−0.74)

0.66^† (43.17)

20.15^♯ (2.47)

−13.36^♯ (−2.44)

−7.04; (−1.58)

1.70; (0.37)

0.13^† (3.81)

0.80^† (14.08)

5.05

7.05

National

57.05^† (39.30)

−10.00^† (−5.83)

−4.64^♯ (−2.56)

0.35; (0.17)

0.70^† (48.77)

16.51^† (2.66)

−11.39^† (−2.60)

−5.43* (−1.64)

1.91; (0.56)

0.13^† (3.80)

0.79^† (14.13)

19.26^†

29.89^†

Jinan, regional, and national

Jinan

94.30^† (26.63)

−18.94^† (−5.15)

−13.88^† (−3.45)

6.018; (1.14)

0.65^† (31.47)

441.31^† (4.97)

−327.54^† (−4.45)

−211.02^† (−3.22)

4.36; (0.05)

0.40^† (5.47)

0.25^♯ (2.47)

0.05^† (3.55)

0.74^† (7.56)

1.53

3.25

Regional

61.49^† (34.08)

−11.27^† (−5.49)

−6.51^† (−3.34)

3.90* (1.93)

0.67^† (41.06)

89.43^♯ (2.54)

−74.90^♯ (−2.28)

−68.73^♯ (−2.17)

−55.04* (−1.83)

0.18^† (4.14)

0.60^† (7.67)

8.83

8.88

National

77.89^† (37.26)

−10.10^† (−4.54)

−5.00^♯ (−2.22)

6.59^† (2.94)

0.74^† (51.95)

66.97^† (2.70)

−53.39^♯ (−2.41)

−31.58* (−1.72)

−19.89; (−1.13)

0.29^† (6.03)

0.53^† (6.06)

5.19

6.41

Nanjing, regional, and national

Nanjing

84.59^† (35.33)

−12.94^† (−4.44)

−4.87* (−1.63)

−2.49; (−0.80)

0.62^† (36.80)

86.66* (1.66)

−56.62* (−1.87)

−21.73; (−1.11)

−15.35; (−0.94)

0.11^♯ (2.29)

0.80^† (7.90)

0.03^† (3.77)

0.93^† (32.25)

9.25*

24.68^†

Regional

65.33^† (31.32)

−10.08^† (−4.24)

−4.55* (−1.85)

2.81; (0.94)

0.67^† (42.81)

101.86^† (3.59)

−65.35^† (−3.38)

−38.88^♯ (−2.39)

2.39; (0.16)

0.27^† (3.24)

0.44^† (3.45)

2.09

8.39

National

73.12^† (41.56)

−13.82^† (−6.86)

−5.00^♯ (−2.22)

2.45; (1.02)

0.72^† (51.96)

26.34^† (3.06)

−20.10^† (−3.07)

−8.54* (−1.87)

−0.09; (−0.02)

0.11^† (4.38)

0.80^† (16.07)

9.65*

10.55

Nantong, regional, and national

Nantong

68.19^† (14.36)

−10.52^♯ (−2.18)

−6.40; (−1.30)

6.38; (1.02)

0.66^† (34.22)

280.73^† (3.17)

−202.64^† (−2.77)

−159.47^♯ (−2.26)

−69.24; (−0.96)

0.34^† (3.24)

0.43^† (2.89)

0.04^† (5.33)

0.91^† (41.58)

2.94

3.54

Regional

49.22^† (37.62)

−8.15^† (−5.11)

−4.11^♯ (−2.43)

−1.50; (−0.79)

0.63^† (38.48)

16.03^† (2.62)

−9.51^♯; (−2.36)

−3.32; (−0.99)

6.10; (1.17)

0.11^† (3.77)

0.83^† (18.27)

7.8

10.84

National

52.24^† (40.25)

−8.73^† (−5.55)

−3.89^♯; (−2.32)

−0.56; (−0.30)

0.65^† (41.65)

15.02^† (2.64)

−9.09^♯ (−2.43)

−3.02; (−1.01)

5.42; (1.22)

0.11^† (3.70)

0.82^† (16.74)

17.74^†

27.74^†

Qingdao, regional, and national

Qingdao

80.72^† (30.88)

−19.02^† (−6.53)

−11.33^† (−4.06)

6.48^♯; (2.25)

0.55^† (27.15)

512.10^♯ (2.22)

−445.14^♯ (−2.04)

−422.50^♯ (−1.97)

−373.96*; (−1.82)

0.17^† (3.24)

0.47^† (3.63)

0.05^† (4.13)

0.83^† (13.74)

2.42

2.58

Regional

65.33^† (41.43)

−11.50^† (−6.77)

−7.78^† (−4.47)

1.29; (0.69)

0.66^†  (41.60)

65.79^†; (3.60)

−50.91^†; (−3.02)

−40.75^♯; (−2.44)

−26.38; (−1.47)

0.19^†; (5.91)

0.60^† (6.36)

1.53

2.29

National

70.23^† (36.82)

−10.27^† (−5.29)

−5.43^† (−2.75)

5.43^† (2.61)

0.72^† (46.27)

40.47^† (3.75)

−31.59^† (−3.77)

−23.64^† (−3.33)

−13.54* (−1.71)

0.25^† (7.36)

0.60^† (6.31)

6.23

8.1

Shanghai, regional, and national

Shanghai

63.75^† (11.52)

−4.78; (−0.88)

−1.40; (−0.25)

10.33; (1.48)

0.58^† (23.54)

611.84^† (4.24)

−474.37^† (−3.36)

−382.55^† (−2.67)

−200.07; (−1.50)

0.43^† (3.45)

0.17 ^♯ (2.14)

0.02^† (3.86)

0.96^† (59.35)

2.97

3.04

Regional

73.45^† (36.31)

−13.11^† (−5.46)

−7.24^† (−2.85)

−0.100; (−0.03)

0.65^† (43.49)

49.66^♯ (2.11)

−34.73^♯ (−2.19)

−19.47* (−1.66)

−0.33; (−0.03)

0.12^† (3.66)

0.80^† (11.40)

12.61^♯

15.55

National

73.46^† (36.57)

−12.99^† (−5.52)

−6.54^† (−2.60)

0.79; (0.28)

0.66^† (45.32)

43.98^♯ (2.06)

−31.01^† (−2.13)

−16.77; (−1.60)

0.15; (0.02)

0.13^† (3.46)

0.79^† (10.58)

19.17^†

23.57^†

Suzhou, regional, and national

Suzhou

77.68^† (40.11)

−12.25^† (−5.04)

−6.02^♯ (−2.30)

−3.67; (−1.27)

0.58^† (34.60)

53.20^† (2.60)

−30.28^♯ (−2.43)

−10.57; (−1.01)

16.75; (1.00)

0.11^† (3.58)

0.82^† (16.89)

0.02^♯ (2.01)

0.89^† (12.60)

2.65

6.38

Regional

45.26^† (23.51)

−8.72^† (−4.14)

−5.66^♯ (−2.53)

1.22; (0.46)

0.70^† (42.74)

26.20; (1.24)

−19.78; (−1.29)

−13.00; (−1.10)

−4.10; (−0.59)

0.18; (1.79)

0.74^† (4.44)

1.79

2.2

National

47.20^† (23.76)

−7.65^† (−3.38)

−3.39; (−1.48)

3.14; (1.09)

0.72^† (44.55)

53.02^♯ (2.34)

−37.24^♯ (−2.33)

−24.45* (−1.85)

−2.92; (−0.33)

0.31^† (2.74)

0.46^† (2.60)

9.01

64.59^†

Wenzhou, regional, and national

Wenzhou

69.56^† (56.35)

−13.53^† (−9.05)

−11.44^† (−7.37)

−4.42^♯ (−2.53)

0.61^† (40.12)

120.45^† (4.89)

−67.08^† (−4.24)

−46.75^† (−3.27)

7.38; (0.56)

0.13^† (4.33)

0.34^† (3.07)

0.03^† (3.95)

0.89^† (21.94)

1.36

7.69

Regional

59.83^† (38.33)

−10.31^† (−5.58)

−3.87* (−1.91)

1.70; (0.78)

0.66^† (42.18)

80.09* (1.71)

−51.41* (−1.72)

−24.80; (−1.35)

10.60; (0.74)

0.19^♯ (2.52)

0.52^♯ (2.30)

5.35

15.41

National

64.36^† (41.67)

−10.83^† (−5.98)

−3.94* (−1.94)

3.18; (1.56)

0.77^† (55.84)

24.59; (1.34)

−16.99; (−1.35)

−8.22; (−1.13)

5.36; (1.32)

0.12^♯ (2.31)

0.67^† (3.45)

1.04

4.72

Yantai, regional, and national

Yantai

65.04^† (32.78)

−10.58^† (−5.04)

−6.79^† (−3.10)

1.20; (0.52)

0.58^† (24.85)

54.92^† (2.32)

−41.20* (−1.92)

−35.50* (−1.68)

−35.29* (−1.66)

0.18^† (3.19)

0.76^† (17.59)

0.02^† (3.50)

0.91^† (27.55)

0.83

1.52

Regional

71.51^† (35.45)

−15.09^† (−6.70)

−9.02^† (−4.09)

5.31^♯ (2.30)

0.62^† (36.64)

229.06^♯ (2.53)

−199.79^♯ (−2.34)

−183.03^♯ (−2.21)

−150.44* (−1.90)

0.17^† (4.21)

0.50^† (4.69)

0.64

1.42

National

71.31^† (26.12)

−10.56^† (−3.72)

−5.62^♯ (−2.01)

8.06^† (2.98)

0.69^† (36.18)

108.86^♯ (2.53)

−91.94^† (−2.24)

−84.06^♯ (−2.12)

−62.42; (−1.58)

0.37^† (3.96)

0.47^† (5.42)

1.67

2.32

(c) Northern China

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Beijing, regional, and national

Beijing

104.17^† (19.62)

−20.64^†; (−3.87)

−19.15^†; (−3.56)

−15.07^†; (−2.81)

0.51^†; (22.21)

2026.18^†; (19.97)

−1758.96^†; (28.37)

−1461.45^†; (16.29)

−1338.17^†; (12.02)

0.40^†; (4.41)

0.32^†; (2.72)

0.02; (1.53)

0.88^†; (9.12)

2.15

5.12

Regional

82.30^†; (30.73)

−6.09^♯ (−2.01)

−2.59; (−0.85)

12.62^†; (3.78)

0.64^†; (33.77)

64.33; (1.01)

−36.96; (−0.84)

−0.85; (−0.03)

5.85; (0.25)

0.17* (1.65)

0.77^†; (5.34)

19.63^†

21.2^♯

National

79.44^†; (35.24)

−6.51^♯ (−2.51)

−3.41; (−1.34)

11.42^†; (4.17)

0.67^†; (37.50)

76.88* (1.78)

−51.53^†; (−1.57)

−11.91; (−0.53)

4.69^†; (0.20)

0.28^†; (2.74)

0.63^†; (4.54)

2.48

9.85

Huhehaote, regional, and national

Huhehaote

80.95^†; (13.80)

−27.22^†; (−4.33)

−19.58^†; (−2.95)

6.23; (0.96)

0.66^†; (32.39)

898.32^†; (4.03)

−864.09^†; (−4.13)

−838.20^†; (−4.15)

−737.24^†; (−4.24)

0.28^†; (3.53)

0.64^†; (6.73)

0.02^†; (2.70)

0.90^†; (20.13)

2.62

3.99

Regional

93.68^†; (26.43)

−9.93^†; (−2.64)

−4.88; (−1.20)

8.51* (1.77)

0.68^†; (40.40)

51.52; (0.54)

−41.16; (−0.51)

−14.73; (−0.25)

−3.80; (−0.09)

0.09; (1.41)

0.87^†; (7.30)

67.54^†

77.31^†

National

84.42^†; (36.09)

−10.99^†; (−4.48)

−5.72^♯ (−2.26)

7.81^†; (2.91)

0.74^†; (50.63)

117.55^♯ (2.04)

−97.18* (−1.89)

−59.62; (−1.49)

−26.66; (−0.80)

0.28^†; (4.85)

0.47^†; (3.47)

4.37

45.35^†

Shijiazhuang, regional, and national

Shijiazhuang

96.16^†; (26.51)

−9.98^†; (−2.65)

−9.87^♯ (−2.25)

7.81* (1.73)

0.70^†; (38.97)

623.90^†; (3.41)

−435.56^†; (−2.60)

−235.27; (−1.18)

−113.38; (−0.78)

0.40^†; (5.11)

0.29^†; (3.24)

0.03^†; (3.78)

0.77^†; (14.77)

0.7

7.41

Regional

92.35^†; (28.08)

−11.59^†; (−3.28)

−5.65; (−1.52)

7.79* (1.89)

0.67^†; (39.52)

78.43; (0.89)

−64.45; (−0.87)

−34.74; (−0.63)

−12.10; (−0.38)

0.11^♯ (1.99)

0.84^†; (7.93)

179.27^†

189.53^†

National

86.39^†; (33.54)

−11.82^†; (−4.47)

−5.79^♯ (−2.12)

7.44^♯ (2.53)

0.71^†; (48.40)

173.03* (1.83)

−141.96* (−1.71)

−89.57; (−1.41)

−35.47; (−0.70)

0.28^†; (4.59)

0.46^†; (2.67)

9.74*

26.89^†

Taiyuan, regional, and national

Taiyuan

89.844^†; (23.87)

−6.73* (−1.72)

2.23; (0.52)

12.92^†; (2.71)

0.65^†; (34.44)

𝑍

−46.76* (−1.67)

−25.40; (−0.96)

−13.77; (−0.53)

0.10^†; (5.03)

0.88^†; (35.53)

0.01; (1.15)

0.70^†; (5.13)

10.93*

21.65^♯

Regional

92.47^†; (21.38)

−14.56^†; (−3.29)

−11.21^♯ (−2.43)

6.28; (1.17)

0.71^†; (40.61)

96.69; (0.68)

−84.85; (−0.68)

−60.19; (−0.57)

−48.95; (−0.54)

0.11; (1.53)

0.84^†; (6.23)

76.46^†

82.57^†

National

84.62^†; (30.67)

−11.46^†; (−4.07)

−7.41^♯ (−2.51)

7.27^†; (2.50)

0.74^†; (45.13)

165.94^♯ (2.53)

−136.82^♯ (−2.29)

−87.56* (−1.67)

−56.59; (−1.19)

0.33^†; (4.69)

0.40^†; (3.22)

8.95

88.09^†

Tianjin, regional, and national

Tianjin

81.29^†; (34.31)

−6.20^♯ (−2.14)

−2.67; (−0.90)

11.63^†; (3.70)

0.57^†; (28.01)

63.60* (1.79)

−24.23; (−0.90)

12.06; (0.56)

9.22; (0.43)

0.16^♯ (2.53)

0.79^†; (10.37)

0.10^†; (6.36)

0.37^†; (3.42)

3.04

4.33

Regional

102.78^†; (21.72)

−19.49^†; (−4.07)

−16.91^†; (−3.39)

−8.40* (−1.71)

0.54^†; (24.46)

1831.75^†; (20.78)

−1584.64^†; (27.10)

−1259.84^†; (−20.64)

−1170.60^†; (−15.75)

0.41^†; (5.11)

0.20* (1.77)

3.13

9.96

National

93.47^†; (25.52)

−16.94^†; (−4.56)

−13.50^†; (−3.46)

−2.74; (−0.71)

0.57^†; (27.47)

820.45^†; (9.42)

−710.87^†; (−8.93)

−566.76^†; (−7.32)

−510.70^†; (−7.25)

0.42^†; (5.16)

0.23^♯ (2.12)

4.54

5.02

(d) Northeast

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Changchun, regional, and national

Changchun

76.97^† (45.63)

−17.53^† (−9.38)

−9.38^† (−4.48)

11.21^† (5.12)

0.49^† (23.20)

61.17; (1.10)

−51.96; (−1.06)

−34.32; (−0.78)

−22.65; (−0.62)

0.05^† (2.63)

0.88* (16.81)

0.04^† (6.94)

0.90^† (57.24)

14.33^♯

16.04

Regional

84.80^† (23.00)

−14.69^† (−3.88)

−8.38^♯ (−2.15)

10.68^† (2.74)

0.64^† (36.89)

93.05* (1.68)

−84.49; (−1.64)

−69.25; (−1.47)

−36.79; (−0.94)

0.17^† (3.93)

0.76^† (10.86)

3.66

5.59

National

81.04^† (32.15)

−12.63^† (−4.78)

−6.95^♯ (−2.56)

9.52^† (3.08)

0.72^† (46.24)

43.96* (1.84)

−40.10* (−1.80)

−31.02; (−1.55)

−14.92; (−0.86)

0.16^† (4.18)

0.78^† (12.91)

25.75^†

30.68^†

Dalian, regional, and national

Dalian

70.41^† (14.47)

−15.04^† (−2.95)

−10.05^♯ (−2.10)

1.93; (0.35)

0.54^† (13.23)

555.30^♯ (2.14)

−495.80^♯ (−2.00)

−496.67^♯ (−2.00)

−430.21* (−1.73)

0.35^♯ (2.02)

0.50^† (6.30)

0.02^† (3.86)

0.96^† (72.85)

0.99

1.53

Regional

88.39^† (35.73)

−15.21^† (−5.89)

−10.57^† (−3.95)

9.06^† (3.08)

0.60^† (34.50)

74.50^♯ (2.41)

−60.09^♯ (−2.18)

−44.22* (−1.75)

−24.32; (−1.09)

0.14^† (4.06)

0.78^† (17.69)

3.19

5.33

National

74.27^† (47.99)

−11.09^† (−6.29)

−6.50^† (−3.69)

6.08^† (3.19)

0.71^† (45.84)

30.93^♯ (2.13)

−22.59^♯ (−2.15)

−15.26^♯ (−2.13)

−7.06; (−1.28)

0.23^† (4.68)

0.66^† (6.26)

4.85

9.1

Haerbin, regional, and national

Haerbin

79.00^† (15.31)

−13.51^♯ (−2.46)

−4.56; (−0.82)

16.90^† (3.25)

0.61^† (24.86)

199.95; (1.44)

−193.80; (−1.44)

−180.38; (−1.43)

−95.15; (−0.95)

0.17^† (3.59)

0.79^† (13.40)

0.02^† (5.60)

0.92^† (65.94)

1.65

3.74

Regional

80.11^† (47.21)

−17.34^† (−9.22)

−10.33^† (−5.02)

10.43^† (4.80)

0.54^† (27.96)

48.24; (1.51)

−41.36; (−1.45)

−27.12; (−1.04)

−19.19; (−0.84)

0.06^† (2.62)

0.87^† (20.60)

25.43^†

26.9^†

National

78.41^† (46.13)

−15.35^† (−8.26)

−9.00^† (−4.92)

9.75^† (4.75)

0.65^† (36.64)

26.96; (1.53)

−23.74; (−1.48)

−15.36; (−1.07)

−10.02; (−0.79)

0.09^† (2.67)

0.85^† (17.57)

37.43^†

40.29^†

Shenyang, regional, and national

Shenyang

89.73^† (30.29)

−10.57^† (−3.54)

−7.69^♯ (−2.54)

10.05^† (3.04)

0.56^† (29.14)

86.81^♯ (2.13)

−68.75* (−1.86)

−49.39; (−1.42)

−35.91; (−1.14)

0.15^† (3.73)

0.81^† (20.59)

0.03^† (4.06)

0.92^† (36.20)

1.82

3.63

Regional

76.66^† (44.45)

−17.68^† (−9.30)

−10.91^† (−5.45)

7.28^† (3.57)

0.57^† (27.35)

53.10; (1.50)

−48.40; (−1.48)

−38.02; (−1.25)

−30.94; (−1.14)

0.09^† (2.88)

0.85^† (17.21)

4.06

6.59

National

74.05^† (37.50)

−11.97^† (−5.57)

−7.12^† (−3.53)

9.11^† (3.83)

0.72^† (42.11)

26.61; (0.75)

−23.83; (−0.76)

−17.74; (−0.69)

−11.27; (−0.65)

0.18; (1.24)

0.77^† (3.58)

(e) Northwest

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Lanzhou, regional, and national

Lanzhou

117.69^† (10.74)

−41.57^† (−3.66)

−31.43^† (−2.73)

8.62; (0.58)

0.65^† (22.14)

582.16^† (3.90)

−548.06^† (−3.74)

−534.41^† (−3.62)

−320.70; (−1.31)

0.22^† (4.10)

0.79^† (25.28)

0.02^† (7.30)

0.95^† (162.9)

1.22

2.64

Regional

81.58^† (33.93)

−16.39^† (−6.33)

−11.51^† (−4.41)

15.91^† (5.86)

0.64^† (31.19)

36.73; (1.43)

−33.75; (−1.43)

−28.01; (−1.24)

−9.09; (−0.55)

0.11* (1.82)

0.86^† (12.74)

23.39^†

25.27^†

National

80.16^† (21.37)

−11.69^† (−3.05)

−5.23; (−1.46)

9.52^† (2.66)

0.75^† (39.18)

70.81; (0.99)

−61.50; (−0.94)

−62.76; (−0.96)

−41.94; (−0.75)

0.16^† (3.06)

0.80^† (8.72)

0.53

0.8

Xian, regional, and national

Xian

84.17^† (14.44)

−5.20; (−0.90)

0.79; (0.14)

15.80^♯ (2.57)

0.64^† (29.90)

185.60; (1.18)

−158.11; (−1.11)

−138.12; (−1.05)

−115.80; (−0.94)

0.23^† (3.43)

0.69^† (5.71)

0.02^† (6.60)

0.97^† (191.6)

2.37

10.77

Regional

100.38^† (18.09)

−33.10^† (−5.80)

−25.96^† (−4.52)

11.96* (1.81)

0.67^† (32.61)

169.81^† (2.61)

−162.12^♯ (−2.56)

−151.89^♯ (−2.45)

−89.60; (−1.50)

0.16^† (4.46)

0.82^† (25.69)

6.63

10.47

National

77.93^† (31.43)

−10.85^† (−4.17)

−4.81* (−1.84)

7.63^♯ (2.44)

0.83^† (68.17)

14.52; (1.47)

−12.72; (−1.44)

−9.23; (−1.20)

−3.54; (−0.68)

0.12^† (3.54)

0.82^† (12.74)

27.55^†

34.17^†

Yinchuan, regional, and national

Yinchuan

80.19^† (33.17)

−22.54^† (−8.94)

−17.07^† (−6.84)

11.41^† (4.31)

0.56^† (24.60)

67.07; (1.44)

−64.53; (−1.43)

−57.04; (−1.29)

−31.29; (−0.77)

0.06^† (2.97)

0.91^† (31.57)

0.02^† (5.53)

0.96^† (99.98)

9.06

9.93

Regional

107.87; (15.81)

−31.07^† (−4.39)

−22.46^† (−3.16)

13.76; (1.59)

0.69^† (27.01)

249.72^† (2.67)

−232.40^† (−2.60)

−224.93^♯ (−2.59)

−115.87; (−1.43)

0.19^† (4.62)

0.81^† (20.29)

1.17

2.71

National

86.09^† (22.68)

−15.53^† (−4.08)

−10.03^† (−2.63)

9.43^♯ (2.14)

0.80^† (56.83)

58.08* (1.83)

−53.48* (−1.77)

−47.53* (−1.68)

−26.11; (−1.15)

0.16^† (5.48)

0.78^† (14.84)

3.4

5.51

Wulumuqi, regional, and national

Wulumuqi

72.12^† (10.04)

−18.49^† (−2.79)

−3.91; (−0.53)

78.21^† (6.58)

0.69^† (31.18)

377.67; (1.19)

−356.11; (−1.17)

−306.93; (−1.13)

798.85; (1.07)

0.35^† (3.61)

0.64^† (4.97)

0.01^† (3.86)

0.96^† (76.15)

1.2

2.08

Regional

97.52^† (20.62)

−26.81^† (−5.57)

−21.36^† (−4.36)

10.93^♯ (1.96)

0.70^† (37.94)

114.08^♯ (2.18)

−108.68^♯ (−2.14)

−100.45^♯ (−2.03)

−60.11; (−1.35)

0.16^† (4.74)

0.82^† (24.23)

5.61

8.88

National

74.48^† (31.22)

−10.91^† (−4.40)

−5.90^♯ (−2.45)

6.95^♯ (2.48)

0.83^† (60.64)

23.98; (1.54)

−21.50; (−1.50)

−17.37; (−1.38)

−9.29; (−0.99)

0.15^† (3.86)

0.74^† (8.11)

11.26^♯

14.45

(f) Qinghai-Tibet

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Lasa, regional, and national

Lasa

57.46^† (36.51)

−19.33^† (−9.88)

−10.98^† (−5.77)

0.64; (0.28)

0.62^† (37.45)

17.00^♯ (2.14)

−10.86* (−1.87)

−7.40; (−1.48)

22.71^♯ (2.45)

0.08^† (3.50)

0.86^† (21.76)

0.01^† (3.62)

0.97^† (96.27)

23.74^†

25.21^†

Regional

88.46^† (12.35)

−19.68^† (−3.21)

−11.83* (−1.70)

1.54^♯ (0.22)

0.60^† (18.41)

715.67^♯ (2.57)

−676.97^† (−2.60)

−671.37^†; (−2.67)

−538.08^♯ (−2.45)

0.51; (1.32)

0.58^† (2.94)

1.03

1.34

National

73.37^† (32.40)

−9.32^† (−3.87)

−3.94* (−1.69)

8.97^† (3.04)

0.85^† (60.87)

13.92; (1.46)

−11.98; (−1.40)

−9.11; (−1.23)

−0.31; (−0.08)

0.12^† (3.70)

0.79^† (9.98)

14.38^♯

18.1^♯

Xining, regional, and national

Xining

88.46^† (12.35)

−19.68^† (−3.22)

−11.83* (−1.70)

1.54; (0.22)

0.60^† (18.41)

715.67^♯ (2.57)

−676.97^† (−2.60)

−671.37^† (−2.67)

−538.08^♯ (−2.45)

0.51; (1.32)

0.58^† (2.94)

0.02^† (5.62)

0.96^† (154.9)

0.84

1.56

Regional

57.46^† (36.51)

−19.33^† (−9.88)

−10.98^† (−5.77)

0.64; (0.28)

0.62^† (37.45)

17.00^♯ (2.14)

−10.86* (−1.87)

−7.40; (−1.48)

22.71^♯ (2.45)

0.08^† (3.50)

0.86^† (21.76)

23.49^†

24.88^†

National

95.83^† (16.96)

−26.73^† (−4.65)

−18.82^† (−3.24)

10.41; (1.50)

0.72^† (33.53)

150.38^♯ (2.55)

−143.90^♯ (−2.49)

−138.06^♯ (−2.44)

−100.98* (−1.88)

0.21^† (4.56)

0.80^† (23.41)

2.86

4.75

(g) Southern China

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Guangzhou, regional, and national

Guangzhou

63.87^† (32.45)

−6.48^† (−2.63)

1.52; (0.55)

8.02^† (2.89)

0.69^† (45.66)

221.58^♯ (2.25)

−131.67^♯ (−2.23)

−72.52* (−1.90)

69.64* (1.76)

0.21^† (3.67)

0.24; (0.88)

0.05^† (4.29)

0.57^† (3.85)

8.8

23.22^†

Regional

46.88^† (43.80)

−10.48^† (−7.92)

5.58^† (3.66)

10.15^† (6.65)

0.70^† (50.57)

42.45^† (2.61)

−14.80^♯ (−2.14)

−3.69; (−0.80)

13.99^♯ (2.06)

0.14^† (4.30)

0.44^♯ (2.44)

3.23

10.26

National

49.64^† (45.92)

−10.31^† (−7.71)

4.62^† (3.03)

9.39^† (6.15)

0.73^† (54.91)

30.85^♯ (2.53)

−11.55^♯ (−2.09)

−3.51; (−1.03)

10.89^♯ (2.15)

0.14^† (3.95)

0.49^† (2.92)

3.88

6.07

Shenzhen, regional, and national

Shenzhen

51.54^† (38.89)

−10.18^† (−5.87)

8.41^† (4.53)

10.77^† (5.31)

0.66^† (45.27)

20.55; (0.99)

−4.70; (−0.62)

−0.63* (−0.19)

13.20; (1.38)

0.06* (1.79)

0.83^† (6.25)

0.01^† (4.86)

0.99^† (350.2)

15.56^†

18.27*

Regional

48.53^† (41.70)

−10.65^† (−7.67)

2.42; (1.54)

9.66^† (5.99)

0.71^† (53.73)

61.26^† (4.64)

−25.42^† (−3.37)

−10.85* (−1.63)

6.91; (1.02)

0.19^† (6.17)

0.24* (1.94)

6.37

23.90^†

National

49.99^† (43.19)

−10.66^† (−7.75)

2.03; (1.31)

9.17^† (5.74)

0.73^† (55.81)

51.39^† (4.58)

−22.36^† (−3.46)

−10.27* (−1.83)

6.12; (1.05)

0.19^† (6.01)

0.28^♯ (2.24)

6.55

31.65^†

Zhuhai, regional, and national

Zhuhai

43.34^† (32.95)

−12.58^† (−7.80)

2.33; (1.27)

10.36^† (5.93)

0.70^† (48.40)

3.78; (1.01)

−0.67; (−0.40)

−0.02; (−0.02)

1.26; (1.13)

0.06^♯ (2.39)

0.91^† (18.07)

0.01^† (4.72)

0.99^† (454.5)

27.76^†

32.70^†

Regional

54.27^† (40.20)

−8.81^† (−5.31)

6.72^† (3.65)

10.03^† (5.17)

0.70^† (52.46)

95.13^♯ (2.53)

−36.07^♯ (−2.36)

−19.57* (−1.73)

38.50^♯ (2.15)

0.13^† (4.68)

0.33; (1.48)

3.23

19.45^♯

National

55.12^† (41.17)

−8.92^† (−5.43)

6.23^† (3.42)

9.72^† (5.11)

0.71^† (54.64)

80.44^♯ (2.37)

−31.54^♯ (−2.23)

−17.74* (−1.74)

32.49^♯ (2.10)

0.12^† (4.41)

0.37* (1.62)

7.26

10.18

Zhanjiang, regional, and national

Zhanjiang

46.59^† (75.39)

−0.66; (0.80)

0.66; (0.83)

1.27* (1.67)

0.82^† (71.11)

0.05; (1.14)

0.07; (1.05)

−0.02; (0.32)

0.07; (1.04)

0.04^† (6.14)

0.95^† (127.6)

0.06^† (4.16)

0.69^† (5.70)

12.08^♯

18.65^♯

Regional

39.49^† (44.27)

−7.28^† (−6.59)

5.11^† (3.71)

8.71^† (7.24)

0.76^† (51.02)

4.07; (1.28)

−1.72; (−1.04)

0.25; (0.38)

1.16; (1.40)

0.09^† (2.69)

0.82^† (8.76)

8.1

20.89^♯

National

46.43^† (43.69)

−6.23^† (−4.45)

4.84^† (3.29)

7.53^† (5.55)

0.83^† (61.97)

12.16^† (3.46)

−6.61^† (−2.95)

−0.33; (−0.27)

3.20^♯ (1.99)

0.15^† (4.85)

0.54^† (5.11)

26.87

94.48^†

Haikou, regional, and national

Haikou

34.09^† (38.43)

−7.02^† (−5.93)

5.81^† (3.85)

8.10^† (6.71)

0.73^† (45.76)

2.20; (0.97)

−0.33; (0.35)

1.04; (1.17)

1.24; (1.40)

0.07^♯ (2.38)

0.89^† (13.55)

0.01^† (5.54)

0.98^† (189.8)

2.61

6.26

Regional

47.98^† (70.93)

−2.29^† (−2.67)

1.98^♯ (2.25)

3.80^† (4.26)

0.79^† (67.57)

0.03; (0.49)

0.14^♯ (2.14)

0.09; (1.41)

0.29^† (2.97)

0.03^† (5.69)

0.96^† (142.8)

13.26*

15.63

National

51.68^† (54.92)

−2.49^♯ (−2.02)

2.14* (1.80)

4.84^† (4.24)

0.85^† (73.05)

−0.01; (−0.19)

0.12^♯ (2.11)

0.20^† (3.87)

0.43^† (4.66)

0.03^† (4.60)

0.96^† (124.2)

39.99^†

40.52^†

(h) Southeast

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Fuzhou, regional, and national

Fuzhou

65.16^† (43.51)

−13.04^† (−7.14)

−11.25^† (−6.18)

−3.81* (−1.86)

0.58^† (36.60)

78.15; (1.38)

−45.11; (−1.37)

−38.56; (−1.29)

13.39; (1.40)

0.09^♯ (2.04)

0.70^† (3.83)

0.03^† (7.89)

0.95^† (146.7)

17.67^♯

22.24^†

Regional

57.29^† (37.40)

−15.79^† (−7.67)

−1.93; (−1.05)

3.46* (1.78)

0.66^† (46.08)

24.65^† (3.18)

−13.49^† (−3.11)

−12.14^† (−2.83)

−1.78; (−0.58)

0.03* (1.86)

0.84^† (19.40)

National

62.54^† (37.39)

−10.29^† (−5.02)

−2.32; (−1.20)

4.34^♯ (2.20)

0.80^† (58.50)

8.14; (0.84)

−5.72; (−0.84)

−3.19; (−0.69)

1.79; (1.55)

0.05; (1.15)

0.85^† (5.59)

Shantou, regional, and national

Shantou

50.82^† (34.11)

−12.34^† (−6.29)

4.46^♯ (2.42)

8.93^† (4.70)

0.70^† (48.90)

24.24^† (2.83)

−11.62^♯ (−2.40)

−11.74^♯ (−2.44)

−3.85; (−1.07)

0.09^† (4.33)

0.78^† (13.97)

0.02^† (6.38)

0.96^† (151.9)

21.14^†

24.22^†

Regional

60.34^† (38.90)

−16.38^† (−8.30)

−5.07^† (−2.75)

0.90; (0.45)

0.64^† (43.43)

26.25^† (3.31)

−15.74^† (−3.14)

−11.98^† (−2.66)

0.26; (0.08)

0.02; (1.21)

0.88^† (22.26)

10.99^♯

13.08

National

59.00^† (35.81)

−9.24^† (−3.83)

−0.24; (−0.13)

6.19^† (3.10)

0.79^† (60.31)

3.95; (0.51)

−2.47; (−0.48)

−1.27; (−0.31)

2.21^† (3.08)

0.02; (0.67)

0.93^† (8.49)

27.01^†

35.09^†

Xiamen, regional, and national

Xiamen

59.30^† (38.55)

−17.24^† (−8.37)

−3.68^♯ (−1.98)

1.86; (0.94)

0.63^† (42.92)

32.43^† (3.02)

−17.00^† (−3.14)

−15.24^† (−2.82)

−3.10; (−0.83)

0.03* (1.64)

0.86^† (16.32)

0.02^† (6.64)

0.96^† (125.0)

14.65^♯

15.4

Regional

56.74^† (39.19)

−12.66^† (−7.28)

−2.45; (−1.42)

3.48* (1.82)

0.67^† (46.99)

31.21^† (2.72)

−22.11^† (−2.66)

−16.77^♯ (−2.46)

2.80; (0.71)

0.08^† (2.93)

0.76^† (10.10)

15.95^♯

20.42^♯

National

58.83^† (35.93)

−8.93^† (−4.50)

−0.45; (−0.24)

5.60^† (2.89)

0.79^† (58.44)

14.82* (1.82)

−10.77* (−1.77)

−7.17* (−1.65)

3.70* (1.73)

0.09^† (2.60)

0.74^† (6.34)

14.28^♯

17.92^♯

(i) Southwest

API

𝑐

𝑆2

𝑆3

𝑆4

AR

𝜔

𝑆^′2

𝑆^′3

𝑆^′4

ARCH (α)

GARCH (β)

Θ1

Θ2

𝑄(5)

𝑄(10)

Chengdu, regional, and national

Chengdu

86.59^† (23.71)

−14.89^† (−3.87)

−10.27^♯ (−2.57)

4.53; (1.07)

0.62^† (31.66)

112.81; (1.27)

−78.13; (−1.06)

−68.71; (−0.97)

−43.38; (−0.67)

0.19^† (3.67)

0.70^† (6.22)

0.03^† (5.29)

0.90^† (32.86)

0.35

0.61

Regional

90.71^† (40.09)

−12.34^† (−4.66)

−5.39* (−1.95)

5.24* (1.83)

0.73^† (56.18)

47.58^♯ (2.07)

−27.29^♯ (−2.16)

−17.51* (−1.64)

−7.11; (−0.92)

0.08^♯ (2.28)

0.79^† (8.80)

National

76.43^† (40.92)

−9.45^† (−4.53)

−3.64* (−1.65)

6.21^♯ (2.52)

0.81^† (67.32)

13.87^♯ (2.21)

−9.14^♯ (−2.18)

−4.66; (−1.49)

0.54; (0.23)

0.11^† (3.21)

0.79^† (10.92)

Chongqing, regional, and national

Chongqing

87.31^† (31.93)

−12.52^† (−4.05)

−6.41* (−1.93)

6.73* (1.94)

0.71^† (52.51)

72.30^♯ (2.47)

−44.52^♯ (−2.40)

−28.50* (−1.77)

−8.19; (−0.61)

0.10^† (3.04)

0.79^† (11.39)

0.03^† (4.42)

0.91^† (31.38)

3.87

4.23

Regional

77.47^† (32.55)

−11.85^† (−4.63)

−5.66^♯ (−2.10)

5.04* (1.82)

0.68^† (48.72)

50.64* (1.89)

−31.83; (−1.59)

−25.68; (−1.36)

−11.87; (−0.70)

0.12^† (3.24)

0.73^† (7.50)

7.4

7.57

National

75.48^† (40.47)

−10.34^† (−5.14)

−2.62; (−1.24)

8.20^† (3.53)

0.80^† (62.93)

50.84^♯ (2.09)

−38.88* (−1.89)

−28.93* (−1.63)

−9.92; (−0.75)

0.13^† (3.66)

0.55^† (4.11)

33.13^†

40.87^†

Guiyang, regional, and national

Guiyang

68.18^† (40.66)

−8.83^† (−4.34)

−0.47; (−0.22)

5.65^♯ (2.44)

0.62^† (41.56)

9.71; (1.22)

−4.51; (−1.31)

1.27; (0.51)

0.99; (0.51)

0.04^♯ (2.05)

0.93^† (24.63)

0.02^† (5.47)

0.95^† (83.27)

76.21^†

80.31^†

Regional

75.56^† (41.25)

−10.49^† (−4.86)

−3.61* (−1.62)

5.39^♯ (2.41)

0.76^† (59.16)

29.96^♯ (2.58)

−17.03^♯ (−2.48)

−13.00^♯ (−2.06)

−2.45; (−0.49)

0.08^† (2.75)

0.77^† (9.52)

2.83

4.7

National

70.32^† (40.82)

−8.31^† (−4.26)

−2.08; (−1.04)

5.67^† (2.68)

0.84^† (71.19)

10.98^♯ (2.47)

−7.71^♯ (−2.33)

−4.75* (−1.77)

0.97; (0.48)

0.10^† (3.44)

0.77^† (11.32)

29.04^†

30.74^†

Kunming, regional, and national

Kunming

64.92^† (65.84)

−8.37^† (−6.43)

−2.31* (−1.66)

2.66* (1.89)

0.58^† (34.43)

55.43^♯ (2.26)

−6.54; (−1.00)

10.41; (1.42)

12.28; (1.47)

0.15^† (3.40)

0.49^♯ (2.56)

0.02^† (4.49)

0.93^† (53.81)

5.57

12.19

Regional

73.45^† (39.39)

−10.19^† (−4.71)

−1.88; (−0.84)

6.49^† (2.72)

0.75^† (61.52)

15.96; (0.94)

−9.37; (−1.01)

−5.37; (−0.72)

−1.07; (−0.36)

0.03; (1.07)

0.89^† (8.33)

29.57^†

33.77^†

National

69.07^† (37.55)

−8.49^† (−3.87)

−2.09; (−1.00)

6.53^† (2.67)

0.84^† (67.95)

2.98; (0.29)

−2.18; (−0.29)

−0.53; (−0.10)

1.13; (1.26)

0.04; (0.52)

0.92^† (5.03)

83.07^†

85.72^†

Nanning, regional, and national

Nanning

52.73^† (32.11)

−8.43^† (−3.90)

8.77^† (3.75)

10.03^† (4.28)

0.72^† (54.04)

79.25^† (2.85)

−32.20^† (−2.67)

3.39; (0.43)

40.26^♯ (2.29)

0.08^† (3.23)

0.48^† (2.80)

0.01^♯ (2.34)

0.93^† (22.54)

7.02

8.16

Regional

73.66^† (48.49)

−9.97^† (−5.54)

−3.57* (−1.93)

4.50^♯ (2.22)

0.70^† (54.01)

4.93; (1.38)

−3.09* (−1.66)

−0.25; (−0.16)

−0.41; (0.46)

0.02^♯ (1.99)

0.95^† (34.76)

27.6^†

30.99^†

National

55.36^† (42.36)

−5.06^† (−3.08)

0.87; (0.57)

5.55^† (3.46)

0.87^† (77.70)

0.47; (0.62)

−0.27; (0.51)

0.31; (0.91)

0.82^† (4.53)

0.03; (1.43)

0.95^† (25.23)

17.84^†

20.62^♯

Notes: This table reports the estimation results of DCC-GARCH models for the city APIs against regional and national APIs. Absolute 𝑡-ratios are indicated in parentheses. The 𝑄(5) and Q(10) are, respectively, the Ljung-Box autocorrelations test (1978) of five and lags in the standardized squared residuals from the regression. ^† , ^♯,* denote statistical significance at 1%, 5%, and 10% levels, respectively.