The Key Pathway of Constructing a Unified Domestic Market——Based on the Spillover Effect of Regional Economic Fluctuations in China
This paper measures the spillover effect index and spillover network of regional GDP fluctuations in China from 1953 to 2021,and measures the change law of the degree of market unity in China from the perspective of the economic consequences caused by market segmentation.The study shows that the degree of market integration between provinces and cities in China re-mained at a high level,showing a time-varying law of"sharp rise → slow decline → maintain stability".Further heterogeneity analy-sis found that,first,the total volatility spillover index is higher in the state of declining GDP growth than in the state of rising growth,that is,when economic growth slows down,the degree of integration between markets is higher.Second,there are great regional differ-ences in the degree of market unity.In the six administrative regions,the order of the degree of market unity is North China,Central South,northwest,East China,southwest and northeast;In the three economic belts,the order of market unity is the East,the middle and the west respectively.The GDP fluctuation spillover network formed between provinces and cities through direct and indirect transmission channels further depicts the fluctuation transmission channels between markets.On the basis of theoretical research,this paper further adheres to and strengthens the macro guidance and policy adjustment of the state for the construction of the unified domestic market,handles the relationship between the unified market and the regional market,implements the industrial leading pol-icy in the region,improves the internal system and organizational structure of the unified market,Put forward the key path to speed up the construction of the unified domestic market.
Unified MarketSpillover IndexRegional HeterogeneityUnified Market Construction path
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