Empirical Analysis on the Influence of the Opening Level of Guangdong, Hong Kong and Macao Greater Bay Area on Economic Growth

Abstract

With the development of economy and the urgent need to enhance the economic competitiveness of the Bay Area, it has become an inevitable trend to build a new open economic system in the Guangdong-Hong Kong-Macao Greater Bay Area. Taking the varying degree of opening up in the Bay Area as the background, this paper mainly took the panel data of each city from 2008 to 2018, tested them from the perspectives of linearity and nonlinearity respectively, and studied the impact of expanding opening up in the Bay Area on economic growth. The results show that the Guangdong-Hong Kong-Macao Greater Bay Area can achieve the goal of economic growth by opening wider to the outside world, but there is a significant spatial difference in this promoting trend, which is generally a nonlinear inverted U shape. The driving effect of opening to the outside world on the economic growth of Guangdong-Hong Kong-Macao Greater Bay Area is as follows: when the degree of opening to the outside world is low, opening to the outside world has a small driving effect on the economic growth; With the improvement of the degree of opening to the outside world, the greater the role of promoting economic growth; When opening to the outside world is too great, it will hinder economic development. Therefore, the guangdong-hong kong-macao greater bay area should make use of the Belt And One Road and guangdong-hong kong-macao greater bay area construction policies to strengthen exchanges with the international community and hong kong-macao greater bay area, improve the level of infrastructure construction, expand opening up, and realize its potential to become a world-class bay area.