Sector Structure and Economic Growth: A Case of Guangdong-Hong Kong-Macau Great Bay Area

Abstract

The degree of optimization of industrial structure has become one of the core powers of modern economic growth engine. Using the data from 1996 to 2016 and taking the Guangdong-Hong Kong-Macao great bay area as an example, this paper made an empirical analysis on the contribution of industrial structure adjustment variables of the Guangdong-Hong Kong-Macao great bay area to economic growth, and concluded that the optimization and adjustment of industrial structure in the great bay area had a significant positive correlation with economic growth. In order to strengthen the bay area economy, bay area cities should speed up the adjustment of industrial structure and the elimination of backward production capacity. Furthermore, bay area cities should combine the elements of innovation-driven development, explore the tertiary industry with local characteristics, and take the tertiary industry as the engine for the economic development of the whole bay area. Keywords: Economic Growth, Guangdong-Hong Kong-Macao great bay area, Optimization of industrial structure.