| Since the reform and opening up,China has created a miracle of high-speed national economic growth that has lasted for more than 30 years.This has benefited from the improvement of China's socialist market economic system and the improvement of the level of domestic market integration.In the context of the current new normal economy,it is an important economic development goal for China to increase innovation-driven economic transformation to promote economic growth efficiency.Continuing to deepen market reforms and improve the level of market integration in various regions can improve the efficiency of factor allocation.Conducive to the use of scale dividends,this is undoubtedly an effective way to improve the efficiency of economic growth.Guangdong,Hong Kong and Macao has been one of the most active areas in China's economic development since the reform and opening up.Based on the national development strategy of "Building the Guangdong-Hong Kong Greater Bay Area",it has identified its market integration development trend and explored the impact of market integration on economic growth efficiency.It is of great significance to better promote the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and stimulate its economic growth vitality in the future.This study uses the relevant statistical data of 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area from 2001 to 2017 and uses the relative price method and the DEA-Malmquist index decomposition method to quantitatively analyze the development trend and all factors of the market integration level of the GuangdongHong Kong-Macao Greater Bay Area.Changes in productivity and detailed analysis at different regional levels.Further research uses Stochastic Frontier Analysis(SFA)to check and supplement the decomposition results of total factor productivity.After that,based on the theory of endogenous growth,I tried to explore whether market integration can promote the level of total factor productivity from the perspective of the source of economic growth.I analyzed the theoretical mechanism and used the fixed-effect model in the static panel model to research the impact of the market integration of GuangdongHong Kong-Macao Greater Bay Area on the efficiency of economic growth.The results show that the degree of market integration in the Guangdong-Hong Kong-Macao Greater Bay Area is volatile and the level of integration in Hong Kong and Macau is significantly lower than that of the nine cities in Guangdong.The overall level of total factor productivity in the Guangdong-Hong Kong-Macao Greater Bay Area is showing a downward trend,and the low level of total factor productivity in the Bay Area is mainly due to the low technical efficiency,with the phenomenon of "heavy introduction and light absorption".Through theoretical analysis and empirical tests,the integration of the Guangdong-Hong Kong-Macao Greater Bay Area market on the improvement of total factor productivity can have a significant positive impact on economies of scale through scale effects,factor matching effects,competition effects,and regional division of labor and cooperation effects.The influence of the market is a non-linear inverted U-shaped trend.At present,the degree of market integration in most cities in the Bay Area has not yet crossed the inflection point of 65.53.The overall impact of market integration on economic growth efficiency is mainly positive promotion.Finally,the study systematically summarized the research results on the market integration changes in Guangdong-Hong Kong-Macao Greater Bay Area and their effects on the efficiency of economic growth.Based on this,the authors proposed feasible policy recommendations such that the governments of the three places should be encouraged to improve their governance efficiency,strengthen professional talent training,focus on regional specialization,and continue to promote technological innovation. |
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