Network Effects and Characteristics of Cross-Industrial Tail Risk Spillover in China

Table 4

Closeness values of China’s industry.

Sample interval	Full sample interval		Interval 1		Interval 2
Industry	Upside (2)	Downside (3)	Upside (4)	Downside (5)	Upside (6)	Downside (7)
Food and beverage	103	756	624	260	289	189
Communications	97	729	278	702	305	219
Transportation	145	702	625	387	291	258
Mining	124	171	625	378	702	260
Electronics	108	702	409	327	311	240
Health care	110	702	623	363	323	254
Utilities	113	186	464	375	319	257
Chemicals	116	182	464	756	312	261
Construction furnishings	118	197	622	358	334	235
Textile and apparel	756	187	541	298	315	226
Media	112	702	278	371	296	251
Leisure services	729	675	435	393	281	255
Construction materials	113	174	624	379	325	235
Commerce	111	193	383	372	308	255
National defense	115	621	381	361	702	247
Banks	104	166	569	357	308	227
Agriculture	115	648	541	371	703	250
Steel	114	182	390	360	293	239
Light-industry manufacturing	109	154	356	229	273	217
Real estate	110	176	595	358	323	239
Computer	107	156	409	341	336	211
Conglomerate	729	175	486	265	300	258
Nonferrous metal	108	168	516	369	264	237
Nonbank finance	101	173	567	308	299	182
Automobiles	107	143	567	335	216	211
Household appliances	123	158	303	702	284	248
Electrical equipment	100	167	381	326	675	234
Machinery equipment	79	173	541	366	254	243