Co-evolution of Industry Cluster and Specialized Market-A Case Study of Zhuji Pearl Cluster

In this paper we investigates the co-evolution of pearl industry cluster and specialized market in Zhuji. Firstly we begin with a literature review of the specialized market, which played a crucial role as a shared trading platform for SMEs, and an institutional innovation to achieve economic transformation and for China to promote industrialization, urbanization and regional economic development. We analyzed the product structure and development characteristics of the Zhuji pearl industry cluster as a case study. We then explore the formation and development process of specialized market in Zhuji pearl industry cluster to analyse the co-evolution development mechanism of pearl industry cluster and specialized market in Zhuji. Following we discuss the government's promotion role in the development process of Zhuji pearl industry cluster development and specialized market: how to promote the brand strategy and promote market expansion, how to deepen integrated services and speed up the cluster upgrade from case studies. And the final part is conclusions and implications.