Abstract
The bay area economy is of strategic importance to the progress of the world economy. As an important engine of national reform and opening up, the accelerated development of Guangdong-Hong Kong-Macao Greater Bay Area is an important part of China’s national strategy. Drawing on the experience of the economic development in other successful bay area, it is clear that the construction of the Guangdong-Hong Kong-Macao Greater Bay Area should focus on the tourism and leisure industry. Based on the government statistics, a gray relational model and a vector auto-regression model (VAR) are employed to analyze the efficiency of the Tourism and Leisure Industry in Guangdong-Hong Kong-Macao Greater Bay Area. The results show that the progress of Tourism and Leisure Industry has a great driving effect on the other related industries, and there exists an interdependence between the tourism and leisure industry, GDP and investment in fixed assets within Guangdong-Hong Kong-Macao Greater Bay Area. It suggests that the government should take appropriate measures to promote cooperation and take corresponding industrial policies to boost the development of the Tourism and Leisure Industry in Guangdong-Hong Kong-Macao Greater Bay.
Highlights
The results demonstrated that construction industry has the closest correlation degree as high as 0.942, compared with the relatively low correlation degree of Transportation, Post and Telecommunications, which turn out to be 0.555. It reflects that the development of the tourism and leisure industry in Guangdong-Hong Kong-Macao Greater Bay Area has strong impetus to other related industries
The three variables exist two-way causality relationship rather than one-way causality relationship, indicating that there is an interdependence between the tourism and leisure industry, gross domestic product (GDP) and investment in fixed assets within Guangdong-Hong Kong-Macao Greater Bay Area
Construction industry has the closest correlation degree as high as 0.942, compared with the relatively low correlation degree of Transportation, Post and Telecommunications, which turns out to be 0.555
Summary
In 2017, Premier Li Keqiang proposed that it is necessary to study and formulate a strategic planning on the development of urban agglomeration in Guangdong-Hong Kong-Macao Greater Bay Area. This paper analyzes the driving effect of tourism and leisure industry in Guangdong-Hong Kong-Macao Greater Bay Area. The benefits that can be obtained through strengthening the research on tourism and leisure industry in Guangdong-Hong Kong-Macao Greater Bay Area and grasping its regularity and orientation of construction should not be underestimated. Most of the studies on Guangdong-Hong Kong-Macao Greater Bay Area are qualitative analysis-based, which is lack of quantitative analysis on the tourism and leisure industry in this area. It is of practical significance that the paper analyzes the driving efforts of the tourism and leisure industry in Guangdong-Hong Kong-Macao Greater Bay Area quantitatively
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