Xinyu Zhang, Kexin Deng, Bo Wen*

*Corresponding Author
Bo Wen, PhD
E21-4048, Department of Government and Public Administration
Associate Professor, University of Macau
University of Macau, Avenida da Universidade, Taipa, Macau SAR
Email: bowen@um.edu.mo

doi: 10.18278/cpj.4.1.2

---

Abstract
The Guangdong–Hong Kong–Macao Greater Bay Area (GBA) is a strategic initiative of the Chinese government aimed at enhancing global competitiveness through innovation. Yet, pronounced economic disparities in the western GBA—encompassing Macao, Zhuhai, Zhongshan, and Jiangmen—continue to hinder the region’s balanced development. This study examines the state of policy coordination in the western GBA’s financial sector, identifying key challenges and proposing strategies to strengthen policy formulation, implementation, and evaluation. Adopting a mixed-methods design, the research integrates Institutional Collective Action (ICA) theory and policy instrument theory within a “policy instrument–innovation value chain” framework. Drawing on a content analysis of 44 policy documents (494 instances of policy instruments) and 29 in-depth interviews, the study reveals the complexities of policy coordination across multiple levels of government. The findings underscore the differentiated roles of supply- side, environment-side, and demand-side policy instruments at various stages of the innovation value chain, highlighting the interconnections between policy directives and regional development objectives. By applying quantitative content analysis to the financial policies of the western GBA, this research advances the literature with a nuanced account of the mechanisms shaping coordinated industrial development in the region.

Keywords: Policy Coordination; Policy Instruments; Institutional Collective Action; Financial Industry; Western Greater Bay Area