Table 3 exhibits the statistics des

Table 3 exhibits the statistics descriptions of all the variables in empirical analysis. From Table 3 , the average logarithm growth ratio of fixed asset investment of whole sample counties is 4.768. And the mean logarithm growth ratio of sample counties’ GDP is 4.723. The average primary industry growth (4.689) is below the GDP growth while the average growth of the secondary industry (4.724) and third industry (4.746) is above the GDP growth. Particularly, the mean growth of the third industry is highest among industries. From standard deviation, there is the greatest heterogeneity among counties in secondary industry growth.From the means of control variables, it can be found that the secondary industry and third industry take around three quarter in sample counties’ economic output on average. The average proportion of state-owned enterprises is 10.435%. And the maximum and minimum proportions are 59.6% and 1.13% relatively. The average value of economic openness indicator is 1.436%. And the mean of loan-to-deposit ratio is 86.38%.