| Enhancing the level of market integration and building a unified competitive market system is one of the important contents of the "Deepening Guangdong-Hong Kong-Macao Cooperation and Promoting the Construction of the Bay Area Framework Agreement",which is of great significance to the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.Based on reviewing the relevant theories of regional economic integration and combing the relevant research literature,this paper uses the panel data of 2000~2016 in the two districts of Guangdong,Hong Kong and Macao,and uses the relative price method to measure the level of market integration.The evolution process is traced from time and space,and its evolution characteristics are analyzed.Finally,the panel measurement model is established.The FGLS method is used to empirically study the mechanism and path of the influence of various economic geographical elements on the integration of Guangdong,Hong Kong and Macao markets.Through the research results of this paper,it is found that:(1)The market integration level of Guangdong,Hong Kong and Macao has been continuously increasing,showing an upward trend.Since 2000,the market integration level of 11 cities in Guangdong,Hong Kong and Macau Bay Area has been highly volatile,but it has generally shown an upward trend.The markets between the various urban areas tend to be integrated rather than divided,but they have a relatively significant period.The market improvement of the 11 cities from high to low is: Hong Kong,Shenzhen,Dongguan,Jiangmen,Zhuhai,Zhongshan,Guangzhou,Huizhou,Zhaoqing,Foshan,Macau.And in the Bay Area of Guangdong,Hong Kong and Macao,there is a relatively significant "interprovincial" boundary.The integration and cooperation between Hong Kong and Macao and the Pearl River Delta is not as high as the integration within the nine cities of the Pearl River Delta.(2)Various economic and geographical factors have a significant effect on market integration.The local government’s planning intervention and the improvement of transportation infrastructure have a very significant role in promoting the integration of the Guangdong,Hong Kong and Macao markets.There is a significant non-linear relationship between the opening up of Guangdong-Hong Kong-Macao Greater Bay Area and its market integration.It presents a U-shaped structure with an opening point of 59.21.When the city’s openness is lower than 59.21,it is open to marketintegration.It has a hindrance effect.When the city’s openness is higher than 59.21,the opening up will promote the market integration.The gap in the level of urban economic development in Bay Area has a significant negative impact on the integration of the Guangdong,Hong Kong and Macao markets.(3)There is an“institutional difference effect”in the market integration of Guangdong,Hong Kong and Macao.The differences in the political system have played a significant negative role in the integration of the Guangdong,Hong Kong and Macao markets.Under the test of the political system,the role of various factors in market integration has also emerged significant regional differences due to the differences in political systems between the nine cities of the Pearl River Delta and Hong Kong and Macao.But the market-oriented economic system has a significant role in promoting the integration of the Guangdong,Hong Kong and Macao markets.The test results of interaction between various factors and political system and economic system show that the differences between politics and economic system not only have a direct effect on the market integration of Guangdong,Hong Kong and Macao,but also can affect the Bay Area through the influence factors of market integration indirectly.The results are still robust after the elimination of possible endogenous and exogenous shock events.Based on the research conclusions,this paper also proposes practical policy recommendations to further promote the market integration of Guangdong-Hong Kong-Macao Greater Bay Area from multiple perspectives. |
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