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Table 1.

Descriptive statistics.

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Table 2.

Full sample DID and matched PSM-DID results.

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Fig 1.

Plot of standardized deviation of covariates.

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Fig 2.

Common range of values for the propensity score.

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Table 3.

Placebo test results.

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Table 3 Expand

Table 4.

Results of replacing explained variables.

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Table 5.

Mechanism analysis results.

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Table 6.

Heterogeneity analysis (1): Economic development and city size.

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Table 6 Expand

Table 7.

Heterogeneity analysis (2): East, central, and west regions, and industrialization level.

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