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August 21, 2025

Evaluation of the Effects of Synergy and Market Integration in the Greater Bay Area From a Difference-in-Differences Perspective

Key Points

Coordinated development improves market integration, but differences among cities must be considered.
Overall effects of synergy on market integration were assessed across the Greater Bay Area using a difference-in-differences model.
The analysis included dimensional differences to understand the complexities of coordinated development effects.
Findings imply that while integration is enhanced, heterogeneous factors can alter policy effectiveness and outcomes.

Abstract

This paper studies the effect of the coordinated development of the Guangdong-Hong Kong-Macao Greater Bay Area on market integration. The introduction points out the strategic position of the Greater Bay Area, the significance of market integration and the challenges faced by coordinated development, emphasizes the research significance and sorts out the relevant studies. Next, introduce the difference-in-differences theory, clarify the relevant concepts and relationships, and analyze its applicability in the Greater Bay Area. The effect analysis covers overall effects, dimensional differences, etc. It is found that coordinated development promotes market integration, but there are city differences and heterogeneous factors also affect policy effects.

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