Regression results of China’s macroeconomic indicators on estimated factors.

“L” is the value obtained by regressing China’s macroeconomic variables on low-frequency specific factors. “C” is the value obtained by regressing China’s macroeconomic variables on common factors. “LC” is the value obtained by regressing China’s macroeconomic variables on low-frequency specific factors and common factors. “LC-C” is the difference between the value of “LC” and “C”. “BIC” is the model preference results obtained based on BIC criteria.