# 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
#### 4.4.3 Coupled Coordination of Logistics and Capital Flows  
City logistics and capital flow elements interact and attract each other, creating a complex multidimensional phenomenon in space. The results from Table 5 on the spatial and temporal coupling and coordinated development of logistics and capital flows reveal significant heterogeneity among city clusters. Based on the relative development status, coupled coordinated development is categorized into lagging, synchronized, and leading development statuses. Only Guangzhou, Shenzhen, and Hong Kong have achieved a high level of coordination, demonstrating balanced and cohesive development of logistics and capital flows. In contrast, cities such as Macao, Zhaoqing, Huizhou, Zhongshan, and Zhuhai are in the antagonistic stage, often characterized by Type I antagonism, indicating logistics backwardness and dysfunction. While Zhongshan, Zhuhai, Zhaoqing, and Jiangmen exhibit traits of lagging or relatively synchronized financial flows, their coupling coordination remains low. Notably, no city in the Greater Bay Area is classified in the friction stage. Based on the dynamic process of development stages, from 2016 to 2021, the coupling coordination level of some cities has increased, but the overall progress is slower. The main manifestation is that the coordination level of core cities basically stabilizes at a high level, showing a strong regional economic driving force. The coordination level of non-core cities fluctuates widely and even declines, reflecting the uneven and unsustainable coordinated development of the region. Within the Greater Bay Area, logistics lag is prevalent, reflecting the cities' shortcomings in transportation infrastructure development and logistics efficiency. Capital lag, on the other hand, is mostly found in cities with lower levels of economic development, indicating shortcomings in their capital attractiveness and financial services capacity. Hong Kong, as an international financial center, holds a significant advantage in capital flows, benefiting from its connectivity to global capital markets and occupying a central position within the Greater Bay Area. While it depends on imports and re-exports for logistics, its efficient shipping services and free port policy enhance logistics effectiveness. Shenzhen, a hub for high-tech industries and modern services, excels in coordinating logistics and capital flows, supported by a robust supply chain system and innovation capital. Its strong technological and financial capabilities provide an edge in capital flow, while an internationalized port logistics network boosts logistics efficiency. Shenzhen serves as the leader of the logistics and capital flow network in the Greater Bay Area, offering a development model for other cities. Guangzhou possesses notable logistics advantages, thanks to its well-developed transportation infrastructure and established manufacturing supply chain. As a traditional business and financial center, it lags slightly behind Hong Kong and Shenzhen in capital allocation efficiency and financing capacity; yet, it remains an important hub for logistics and capital flows, playing a bridging role in regional resource deployment. Other cities are situated in the antagonistic stage of stability and volatility. As sub-nodes and auxiliary nodes within the Bay Area, their development relies on the support of core nodes. Overall, the eastern cities in the Greater Bay Area, Guangzhou, Shenzhen, and Hong Kong, are significantly better than the western cities of Zhaoqing and Zhongshan in the coordination level of capital flow and logistics. This situation reveals a distinct gradient distribution, with Shenzhen, Guangzhou, and Hong Kong forming a highland of coupling