property price. Mega Event is significant except for in Model 2, indicating that adding sulfur dioxide takes away its impact. After controlling media publicity it turns to significant again, suggests that the focus of media of air pollution was more intensive when mega events taken place. Property price has a positive impact on tourist arrivals, which is slightly beyond the expectation, since it is a proxy of price level, indicating that higher travelling expenses would keep tourists away. This might be explained by low price for China in the aggregated level, as discussed in the prices of a Big Mac hamburger, China is less costly comparing with the major source countries of international tourism. Therefore, Chinese cities are still affordable, though the price level keeps increasing. Moreover, those expensive cities (three hotspots – Beijing, Shanghai and Guangzhou in particular) are more famous and in rich of tourist products for international tourists, enabling them still willing to visit there. Hotel number is insignificant in all the models, thus can conclude that it has no impact on tourist arrivals. One reason might be its relatively small changes over the years. A city usually has hundreds of hotels, and there were about 10 hotels newly opened or closed in each year, after dividing by population size (on thousand basis), the magnitude of change becomes very small. All the coefficients need to be elaborated carefully. As Model 4 is the fully specified one, it is taken for the example. Keep in mind that some variables are corrected by population size, which will have impacts on the interpretation. FDI: For each year and each city, if FDI increases by one million US Dollar, tourist arrivals will increase 670 on average, ceteris paribus. ME: If there is a city holding a mega event in the certain year, there are 266 tourist arrivals than the year that no mega event is held, ceteris paribus. PP:
property price. Mega Event is significant except for in Model 2, indicating that adding sulfur dioxide takes away its impact. After controlling media publicity it turns to significant again, suggests that the focus of media of air pollution was more intensive when mega events taken place. Property price has a positive impact on tourist arrivals, which is slightly beyond the expectation, since it is a proxy of price level, indicating that higher travelling expenses would keep tourists away. This might be explained by low price for China in the aggregated level, as discussed in the prices of a Big Mac hamburger, China is less costly comparing with the major source countries of international tourism. Therefore, Chinese cities are still affordable, though the price level keeps increasing. Moreover, those expensive cities (three hotspots – Beijing, Shanghai and Guangzhou in particular) are more famous and in rich of tourist products for international tourists, enabling them still willing to visit there. Hotel number is insignificant in all the models, thus can conclude that it has no impact on tourist arrivals. One reason might be its relatively small changes over the years. A city usually has hundreds of hotels, and there were about 10 hotels newly opened or closed in each year, after dividing by population size (on thousand basis), the magnitude of change becomes very small. All the coefficients need to be elaborated carefully. As Model 4 is the fully specified one, it is taken for the example. Keep in mind that some variables are corrected by population size, which will have impacts on the interpretation. FDI: For each year and each city, if FDI increases by one million US Dollar, tourist arrivals will increase 670 on average, ceteris paribus. ME: If there is a city holding a mega event in the certain year, there are 266 tourist arrivals than the year that no mega event is held, ceteris paribus. PP: