# Network Structure and Synergy Characteristics in the Guangdong-Hong Kong-Macao Greater Bay Area
## 5 Conclusions and Implications
### Conclusions  
As one of China's most dynamic economic regions, the Greater Bay Area's complex transportation and economic networks offer a unique perspective for studying the synergistic development of logistics and capital flows. Depicting the network structure of the city cluster in the Greater Bay Area based on the directional flow characteristics of transportation and capital is crucial for analyzing the synergistic development of logistics and capital flows. This study deepens the understanding of regional network economy and synergy mechanisms while providing essential support for optimizing transportation layouts, enhancing capital flow efficiency, and promoting regional integration and cross-border cooperation. After an in-depth analysis, the following conclusions are reached:  
(1) The Greater Bay Area city cluster exhibits a clear core-periphery structure, which continues to strengthen, with Hong Kong, Shenzhen, and Guangzhou maintaining dominant positions. Core cities dominate resource flows, while secondary cities occupy a relatively weak position in the network. The logistics network reveals a spatial pattern of dual core cities, primarily driven by Hong Kong and Shenzhen, where core cities lead and secondary cities provide support. In contrast, the capital flow network displays a \"triple-core-driven\" pattern, centered on Hong Kong, Shenzhen, and Guangzhou, reflecting the continued dominance of core cities alongside a coexistence of centralization and multipolarity.  
(2) The logistics and capital flow networks in the Greater Bay Area exhibit notable synergies and differences. The logistics network prioritizes wide regional coverage, focusing on intra-regional resource flows and emphasizing the protective role of inter-city connections, which promotes the equalization of resource distribution. In contrast, the capital flow network demonstrates a pronounced trend of core centralization, with capital predominantly concentrated among the three core cities--Hong Kong, Shenzhen, and Guangzhou--where the dominant role of core cities in resource distribution increasingly intensifies.  
(3) From 2016 to 2021, both the complexity of the logistics network and the tightness of the capital flow network have continued to increase, deepening their two-way interaction. There is a strong correlation in logistics and financial flows among core cities, as well as between core and edge cities. However, the correlation is relatively weak between sub-core cities and edge cities. This indicates that core cities play a leading and agglomerative role in transportation and economic activities within the region, maintaining relative stability. Conversely, sub-core cities exhibit greater dependence on core cities, highlighting the need for improved balance in resource flows.  
(4) The coupled and coordinated development of logistics and capital flows within the Greater Bay Area highlights the complex interactions among the region's cities and the level of regional integration. This development reveals significant heterogeneity: Guangzhou, Shenzhen, and Hong Kong have achieved a high level of coordination, while other cities are in an antagonistic phase of coupled coordination, characterized by logistical lag and disorder. There are notable shortcomings in transportation infrastructure and logistics efficiency across the Greater Bay Area, as well as deficiencies in capital attractiveness and financial service capacity among the cities.