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Table 1.

Variable definitions.

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Table 2.

Descriptive statistics of main variables.

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Table 3.

Benchmarking results.

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Table 3 Expand

Fig 1.

Parallel trend test.

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Fig 2.

Placebo test.

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Table 4.

PSM—DID results.

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Table 5.

Excluding other policy effects.

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Table 6.

Other robustness tests.

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Table 7.

Heterogeneity regression results.

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Table 8.

Mechanism test regression results.

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