The Dynamic Relationship between Macroeconomy and Stock Market in China: Evidence from Bayesian Network

Table 2

Macroeconomic factors list.

Factor	Abbreviation	Description
Industrial added value	IAV	IAV growth rate on a month-on-month basis
Consumer index price	CPI	CPI growth rate on a month-on-month basis
Producer index price	PPI	PPI growth rate on a month-on-month basis
Fixed asset investment	FAI	FAI growth rate on a month-on-month basis
Retail sales of social consumer goods	RSCG	The total retail sales of social consumer goods
Export	EV	Export value growth rate on a month-on-month basis
Social financing	SF	Total social financing growth rate on a month-on-month basis
M2	M2	Broad money supply growth rate
Li Keqiang Index	KI	KI = industrial power growth∗40% + medium and long-term loan balance growth∗35% + railway volume growth∗25%
Purchasing Manager Index	PMI	PMI deviation from 50%
Exchange rate	ER	Exchange rate between RMB and USD
Interest rate	IR	Shibor interest rate of 1W