Table 1.

Measurement and sources of all variables

TypeNameMeasurementData source
Dependent variableDigiA comprehensive index using the principal component analysis method“China City Statistical Yearbook (2012-2020)”; “Peking University Digital Financial Inclusion Index”
Independent variablesln InfraLogarithm of the area of a built district of cities“China City Statistical Yearbook (2012-2020)” and “China Urban Construction Statistical Yearbook (2011–2019)”
ln DriLogarithm of the sum of local government education and scientific research expenditure
ln EcoLogarithm of GDP per capita
Control variablesC1The logarithm of a city’s year-end registered population“China City Statistical Yearbook (2012–2020)”
C2The logarithm of a city’s population density in the year
C3The logarithm of the number of employees in urban units at the end of the period
C4The actual amount of foreign capital used in the year
C5Ratio of deposit balances of financial institutions to GDP
C6Ratio of outstanding loans of financial institutions to GDP
Source: Table by authors
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