A Comparative Study On Market Integration Of Shanghai,Nanjing And Hangzhou Metropolitan Area

Under the background of the development of China's regional economic integration,the research on the market integration of metropolitan area is not only the objective requirement of participating in global competition and cooperation,but also the inevitable choice to deal with regional economic integration.Shanghai metropolitan area,Nanjing metropolitan area and Hangzhou metropolitan area,as the most dynamic and open area in the Yangtze River Delta,are facing unprecedented development opportunities.This paper sorts out the relevant literature on market integration research at home and abroad,On this basis,Using Relative Price Variance Method to Measure the Market Integration Degree of Shanghai Metropolitan Area,Nanjing Metropolitan Area and Hangzhou Metropolitan Area from 2000 to 2017,and compare and analyze the degree of market integration of the three metropolitan areas.The measurement results show:first,in terms of the level of market integration,Hangzhou metropolitan area has the highest level of market integration,followed by Shanghai metropolitan area and Nanjing metropolitan area has the lowest level of market integration.Second,in terms of market integration process,Shanghai metropolitan area has the fastest market integration process,followed by Nanjing metropolitan area,while Hangzhou metropolitan area has relatively stable market integration level,but it has always been at a higher level.Third,in terms of the change trend of market integration level,Shanghai metropolitan area shows a fluctuating upward trend on the whole;the overall market integration level of Nanjing metropolitan area is gradually improved,and the peak value of market integration index is extremely low;the market integration level of Hangzhou metropolitan area is relatively stable before 2014,and the market integration level is at a high level,but the volatility in recent years is relatively large.Further select specific indicators from five aspects:local government protection,openness,traffic accessibility,information accessibility and economic development level,using FGLS model,System GMM and spatial Durbin model to study the influencing factors of market integration in three metropolitan areas.The empirical results show that:First,the influencing factors of market integration in Shanghai metropolitan area,Nanjing metropolitan area and Hangzhou metropolitan area are different.Among them,local government protection,traffic access and information access are the common factors that affect the level of market integration of the three metropolitan areas,and the degree of opening up and economic development are the different factors that affect the level of market integration.Second,the market integration level of the three metropolitan areas of Shanghai,Nanjing and Hangzhou has obvious lag effect.The improvement of the market integration level in the early stage will promote the market integration level in this period.Third,the level of market integration in the adjacent areas of the metropolitan area has a significant role in promoting the level of market integration in the region.Finally,based on the analysis of this article,put forward policy suggestions for the market integration development of the three metropolitan areas:First,transform the functions of the government and eliminate local protectionism;second,improve the degree of opening up;third,strengthen the construction of transportation and information infrastructure.