Regression results of crude oil prices on the estimated factors.

“H” is the value obtained by regressing crude oil price variables on high-frequency specific factors. “C” is the value obtained by regressing crude oil price variables on common factors. “HC” is the value obtained by regressing China’s macroeconomic variables on high-frequency specific factors and common factors. “HC-C” is the difference between the value of “HC” and “C”. “BIC” is the model preference results obtained based on BIC criteria.