Study on the Economic Competitiveness of Cities in Guangdong Province Based on Factor Analysis -Taking 21 Prefecture-level Cities in Guangdong Province as an Example

Economic competitiveness is an important component of urban competitiveness. This study takes 21 prefecture-level cities in Guangdong Province as samples and constructs a five-index system including production capacity, quality of life, economic scale, quality of economic development, and economic consumption capacity. Firstly, the factor analysis method is used to explore the inherent mechanism of urban economic competitiveness, extracting two indices of economic vitality and outward economy. The results show significant differences between cities, with Shenzhen and Guangzhou performing well, but most cities have relatively low economic vitality and outward economic indices. To investigate the reasons for urban economic imbalance, this paper uses various clustering algorithms for comparative analysis, ultimately selecting the systematic clustering method to divide the 21 prefecture-level cities in Guangdong Province into 4 categories, each with specific differences. Finally, time series analysis of data from 2003 to 2021 is conducted, which helps reveal the dynamic evolution of economic competitiveness of each city, providing more accurate basis for policy making.