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This paper used the dynamic panel data from 2004 to 2013 of 21 municipalities in Guangdong Province to study the tendency and the influence factors of regional industrial specialization. We found that in the sample period, the difference of regional industrial specialization showed staged change, however, it kept an uptrend overall. Based on the inequality decomposition of regression equation, we found that the regional original industry specialization was the most important factor of regionaldoi:10.4236/me.2017.81003 fatcat:xdjmoun4pjfbnnqulm33dlay5i