# Network Structure and Synergy Characteristics in the Guangdong-Hong Kong-Macao Greater Bay Area
## 4 Results Analysis
### Synergistic Development Characteristics of Logistics and Capital Flows
#### 4.4.2 Synergistic Characteristics of Logistics and Capital Flows  
The Greater Bay Area serves as a crucial engine for China's economic development and international trade. Intercity logistics and capital flows not only reflect the intensity of economic activity but also indicate the degree of regional integration. Analyzing these inter-city correlations reveals the division of roles and linkages among the region's cities in supply chain management, capital flows, and industrial synergies. Figure 6 highlights significant correlations, particularly between Hong Kong-Guangzhou (0.997) and Guangzhou-Shenzhen (0.994). The correlation coefficients for these pairs of cities are close to 1, indicating a high level of synergy in logistics and capital flows among these transportation and economic centers. This strong positive correlation underscores the close cooperation between Hong Kong, Guangzhou, and Shenzhen in their economic activities, resulting in a robust industrial chain and supply chain network. Guangzhou and Shenzhen hold dominant positions in manufacturing, international trade, and high-tech industries, characterized by significant logistics and capital flow intensity. This indicates tightly linked supply chains and a high degree of capital synergy. As an international financial center, Hong Kong maintains strong links with both Guangzhou and Shenzhen, likely driven by the demand for cross-border financial services and international trade settlement. The correlation between logistics and capital flows among the four cities of Foshan, Dongguan, Guangzhou, and Zhongshan is more than 0.9, and this strong linkage  
Figure 6: Heat map of correlation between logistics and financial flow networks. shows deep cooperation in manufacturing and trade with each other. Foshan and Zhongshan demonstrate profound interdependence in their manufacturing and industrial bases, showcasing highly consistent logistics and capital flows. This alignment may stem from similarities in industrial structures and market demand. The close link between Guangzhou and Dongguan highlights the depth of their cooperation in manufacturing and trade. Their logistics network is tightly integrated, with frequent capital flows that promote regional economic integration. Both Foshan and Dongguan, as prominent manufacturing and industrial bases, exhibit a high degree of correlation with Guangzhou in the logistics network. This relationship results from the vertical integration of the industrial division of labor, where manufactured cargo from Foshan and Dongguan is distributed to various domestic and international markets through Guangzhou, serving as a central node. The negative correlation coefficients between the city pairs of Shenzhen-Zhuhai, Shenzhen-Macao, and Shenzhen-Foshan indicate an inverse relationship in logistics and capital flows. This may stem from differences in market competition or resource allocation, resulting in a diversion of economic activities among these cities. The moderate correlation between Guangzhou and Macao suggests some economic linkage, while the high positive correlation with Shenzhen reflects a competitive or substitutive relationship between the two cities regarding industry and capital flows. The correlation between Macao and other cities in the Greater Bay Area is low, especially in the logistics sector. This may be related to the fact that Macao's economy is dominated by tourism and gaming, with less demand for logistics. However, Macao shows some correlation with Hong Kong and Zhuhai in the area of financial flows, reflecting the relatively active financial flows between Macao and neighboring cities. The overall correlation of logistics and capital flows indicates that Guangzhou, Shenzhen, and Hong Kong serve as core cities in the Greater Bay Area, exerting a leading and agglomerative effect on the shipping industry. This results in a dense shipping network and capital flow system that fosters economic growth across the region.