Global Value Chain Restructuring： Trends， Driving Forces and China’s Response Strategies

ZHANG Hui; WU Shang; CHEN Yu

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Journal of Beijing Jiaotong University（Social Sciences Edition） ›› 2022, Vol. 21 ›› Issue (4) : 54-67.

Applied Economics Studies

Global Value Chain Restructuring： Trends， Driving Forces and China’s Response Strategies

ZHANG Hui¹, WU Shang¹, CHEN Yu²

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Abstract

After a rapid expansion over the past three decades， global value chains become stagnated and contracted. With an ever-increasing characteristic of regionalization and more and more prominent role of intangible assets， global value chains show new features of stratification of global value chain development model and the solidification of benefit distribution. The main driving factors such as technological progress， economic characteristics and trade policies of various countries that originally promoted the evolution of the division of labor in the global value chain have all reversed， combined with the global COVID-19 pandemic that has further accelerated the reconstruction of the global value chain. In order to seize the opportunity and initiative of the reconstruction of the global value chain， China should coordinate between security and development， and create an independent， controllable， safe and efficient industrial chain and supply chain； integrate production and consumption， and create new advantages for participating in international cooperation and competition； jointly work with “coming in” and “going out” strategy with the “Belt and Road” as an important starting point to form a more closely connected and stable global economic cycle system. Only then can China better adapt to the development needs of the new stage， and achieve high-quality development while deeply integrating into the global division of labor system.

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global value chain restructuring / technological innovation / market scale / global value double-loop flow

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ZHANG Hui, WU Shang, CHEN Yu. Global Value Chain Restructuring： Trends， Driving Forces and China’s Response Strategies[J]. Journal of Beijing Jiaotong University（Social Sciences Edition）. 2022, 21(4): 54-67

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