(Source: "The Paper" 2025-04-17)
At a time when the global industrial chain is accelerating its reconstruction and adjustment toward localization, regionalization, diversification, greening, and digitalization, economies such as the United States and Europe are promoting industrial layout adjustments through policy guidance, which has had a complex impact on the stability of China's industrial and supply chains. This article analyzes the three dimensions of "bringing in, going out" and intermediate goods w88, reveals the stage characteristics and potential risks of China's industrial transfer, and then proposes a "precise policy" plan based on "classified research and judgment".
Panorama of w88 live casino transfer: structural adjustment rather than systematic relocation
Investment in China: Structural characteristics of recovery and differentiation
In terms of investment from China, although the total global investment in China and the number of projects declined in stages from 2020 to 2022 due to the impact of the epidemic and geographical factors, it has shown a significant recovery trend since 2023 (Figure 1). The differences in geographical distribution are highlighted: European capital such as France and Germany have maintained stable investment, while investment in the United States, Japan, South Korea and Taiwan has significantly shrunk (Figure 2), reflecting the direct impact of the policy orientation of some economies on corporate decision-making. The characteristics of industry differentiation are particularly prominent: foreign investment inflows into service industries such as hotels and tourism have increased significantly, while industries with long w88 live casino chains such as electronic components, semiconductors, and automotive equipment have shown a clear downward trend (Figure 3), reflecting the differentiated assessment of transnational capital on China's w88 live casino supporting capabilities and market environment.
Figure 1 Monthly trend of investment in China from 2019 to 2023 Note: The data comes from the fDi Markets global greenfield investment database.
The sources of investment data in China in the charts below are the same. The pictures in this article are all drawn by the author
Figure 2 Changes in the proportion of investment in China by major countries (regions) in their total foreign investment
Figure 3 Changes in the proportion of major industries’ investment in China accounting for the industry’s global investment
Foreign investment: global network extension driven by strategic layout
Chinese enterprises’ overseas investment is generally stable and making progress. An analysis of their investment regions and w88 live casino characteristics reveals that it is more a re-adjustment of the w88 live casino chain layout under the new global economic situation. Therefore, the risk of large-scale w88 live casino transfer is also low. From 2019 to 2023, China's overseas investment has shown a steady upward trend in terms of quantity and amount. Among them, the amount of foreign investment in 2023 will exceed US$150 billion, and the number of projects will reach 753, which has returned to pre-epidemic levels (Figure 4). In terms of the country distribution of foreign investment, China’s investment in Mexico and countries co-building the “Belt and Road” (such as Malaysia, Indonesia, etc.) has a particularly prominent growth trend, while investment in the United States has stabilized (Figure 5). In addition, in terms of industry distribution of foreign investment, high-end manufacturing industries such as electronic components, metal products, and automotive equipment, as well as mineral resources industries, have seen significant growth (Figure 6).
Figure 4 Monthly trend of foreign investment from 2019 to 2023
Figure 5 Changes in the proportion of investment amount in major countries (regions) in total foreign investment attracted
Figure 6 Changes in the proportion of foreign investment in major industries in global investment in the industry
Intermediate goods w88: double confirmation of share increase and structural upgrade
From the perspective of intermediate goods w88, China’s share of intermediate goods exports in the global market has increased significantly, and the structure of intermediate goods w88 has been steadily adjusted. Between 2000 and 2022, China's intermediate product export scale and global market share have increased significantly, indicating that China's manufacturing industry plays a stable and critical role in the global supply chain system (Figure 7). In terms of the geographical distribution of intermediate goods w88, the proportion of China’s exports to Vietnam, India, Thailand and other regions has increased significantly in recent years, and export destinations have become more diversified and decentralized (Figure 8). Distinguished according to the technical composition of intermediate goods, China's global share of high- and low-tech intermediate goods exports has increased, and the export of high-tech products has grown more significantly. This is also in line with the overall trend of transformation and upgrading of China's industrial structure (Figure 9).
Figure 7 The changing trend of China’s intermediate product export scale and its global proportion
Figure 8 The changing trend of China’s proportion of intermediate goods exports to major destinations
Figure 9 The changing trend of China’s export scale of high- and low-tech intermediate products as a proportion of the industry’s global exports
Four main modes of w88 live casino transfer: external drive and endogenous power in parallel
The essence of w88 live casino transfer is the dynamic adjustment of enterprises’ allocation of global factors. It includes both passive responses to geopolitical impacts and active layouts driven by the market. Specifically, it can be summarized into four typical models, and policies need to be classified to respond accurately.
Geopolitics-driven w88 live casino transfer: Coping with the risk of “decoupling”
Currently, China is facing an external competition pattern in the w88 live casino chain in which "developed countries promote reshoring while other developing countries actively divert resources", and this also profoundly affects the global strategic layout of multinational enterprises. Geopolitically driven w88 live casino transfer therefore takes on three typical forms: First, passive coercion w88 live casino transfer. Developed economies such as the United States, Japan and Europe have used measures such as "no transfer, no order" to force Chinese supply chain companies to relocate, forming a phenomenon of "passive coercion" of w88 live casino relocation. Coerced w88 live casino transfer is relatively direct and radical, leading to a sharp deterioration in China's external environment for stabilizing foreign investment. The second is active evacuation industry transfer. Developed economies in the United States and Europe have adopted a variety of incentive measures, including high subsidies, to attract manufacturing and high-end industries to "return" to their home countries, leading some multinational companies to actively choose to relocate their production bases. The third is alliance collaborative w88 live casino transfer. In recent years, based on so-called "risk removal" considerations, the United States has accelerated the implementation of the "China + 1" or "China + N" strategy with the intention of establishing more international production bases outside of China. For example, "near-shoring" between the United States and Mexico, and "friendly-shoring" with Vietnam, India, etc.
Production cost-driven w88 live casino transfer: seeking cost advantages
As the prices of domestic production factors rise, especially the increase in labor costs and environmental compliance costs, multinational companies in some traditional industries are driven to readjust their global w88 live casino layout.
First of all, the rise in domestic labor costs has led some labor-intensive multinational companies to accelerate the adjustment of production layout. Southeast and South Asian countries such as Vietnam, India, and Bangladesh are taking over the main production capacity of the global garment industry due to their low labor costs. Nike's financial report shows that China's proportion of Nike footwear production has dropped from 35% in 2006 to 21% in 2021. Vietnam has surpassed China to become Nike's largest footwear and leather processing country. In 2021, more than 50% of Nike's global shoe production is processed and manufactured in Vietnam.
Secondly, the early extensive and high-pollution development model of some domestic industries prompted developed economies to transfer some pollution-intensive production links to China, which to a certain extent led to the emergence of the "pollution haven" problem. The concept of "green development" sets higher standards for enterprises' environmental responsibility. Therefore, some foreign-funded enterprises have relocated their production processes to countries or regions with relatively loose environmental regulations, especially those in pollution-intensive industries such as heavy chemicals.
w88 live casino chain layout-driven w88 live casino transfer: ensuring supply chain security
Currently, some domestic enterprises are actively adjusting their business strategies and seeking strategic assets or broad markets around the world to ensure global competitiveness and the security and stability of the supply chain. This strategy is mainly reflected in two aspects:
First, some companies adopt the "going overseas" strategy and seek to internalize strategic resources by expanding global business in key upstream links of the supply chain. Since 2013, Chinese lithium mining companies such as Tianqi Lithium and Ganfeng Lithium have made large-scale lithium mine investments in Australia, Argentina, Ireland and Africa, ensuring the safety and stability of important strategic resources through diversified supply sources.
Second, some companies will transfer downstream processing, assembly or marketing links, or even the entire w88 live casino chain, abroad to increase their overseas market share. As market competition among domestic companies becomes increasingly fierce, some domestic companies have adopted unique strategies to shift downstream links to overseas markets. For example, Huajian Group, as a leading enterprise in the domestic shoemaking industry, invested in Ethiopia, Africa, to set up a shoe factory in 2011 to deeply tap the local market potential.
Capacity cooperation-driven w88 live casino transfer: Promoting global production capacity collaboration
Under the guidance of maintaining diversified and stable international economic and w88 relations, some enterprises actively implement the "going out" strategy, forming a new trend of more proactive and controllable industrial transfer.
First, rely on international cooperation platforms such as the “One Belt, One Road” initiative to carry out international production capacity cooperation with enterprises in friendly countries and regions through joint ventures, greenfield investments and other means. For example, in 2023, Baosteel Group and Saudi Aramco established a joint venture and planned to set up a green low-carbon thick plate factory to allow China's green production capacity to "go global" to help local energy transformation and empower global emissions reduction.
The second is to expand w88 and investment cooperation opportunities with multinational companies and enhance international competitiveness and overseas market share by forming or participating in transnational industrial alliances. In 2021, under the initiative of ICBC, 52 well-known Chinese and European companies jointly established the China-Europe Business Alliance. In recent years, the alliance has organized a series of activities such as "Enter Italy" and "Enter Austria" to deeply explore the w88 and investment cooperation potential of Chinese and European enterprises and promote the growth of bilateral w88 and investment.
Precise policies: classified responses to build resilience of the w88 live casino chain and supply chain
Cracking geopolitical risks: building an independent and controllable regional w88 live casino ecology
Highly vigilant against geopolitically driven w88 live casino transfers, and effectively respond to potential "decoupling" and "broken chain" risks. It is necessary to strengthen the "we-centered" regional w88 live casino chain and supply chain system, actively seek effective ways to break the "decoupling" of the w88 live casino chain, and ensure the diversification and resilience of the w88 live casino chain and supply chain. Continue to promote the process of institutional opening up and boost foreign investment willingness and confidence by optimizing the market-oriented, legal and international business environment. Accelerate the development of new productive forces, focus on overcoming key technical problems, accelerate the construction of independent innovation capabilities in the entire industry chain and the independent control of core technologies, and reduce the risk of "broken links" in the w88 live casino chain.
Comply with the law of cost and optimize the gradient transfer path of domestic industries
Objectively respond to the transfer of production cost-driven industries, and further optimize the layout of the w88 live casino chain based on the national unified market. Actively implement the "proactive government + effective market" strategy to promote effective collaboration between the government and the market in optimizing w88 live casino layout. Improve regional economic cooperation mechanisms, coordinate differences in regulations and policies between regions, and reduce inter-regional transaction costs, thereby promoting the interconnection, optimization and upgrading of inter-regional w88 live casino chains. At the same time, we can base ourselves on the large domestic market and explore the domestic circulation idea of a ladder-type w88 live casino chain of "upgrading in the east and taking over in the west". By guiding the rational agglomeration and layout of enterprises, we promote regional coordination and joint development, thereby improving the overall resilience and safety level of the w88 live casino and supply chains.
Guiding strategy to go overseas: building a support system for global layout
We should continue to pay attention to the w88 live casino transfer driven by the w88 live casino chain layout, and take multiple measures to help enterprises expand overseas. On the one hand, the policy environment for overseas investment of enterprises is optimized, and measures such as establishing a coordination department for enterprises' cross-border projects, providing "one-stop" solutions, and establishing a "special fund for international development" are adopted to encourage enterprises to actively develop overseas layouts. On the other hand, rely on artificial intelligence and big data technology to build w88 live casino chain early warning platforms and overseas investment risk early warning systems for key countries (regions) and key industries, and encourage enterprises to establish a "global risk management alliance" to share risk information and response experience in overseas investments, form a collective response mechanism, and improve the overall ability to resist risks.
Deepening production capacity cooperation: creating an open and win-win global w88 live casino chain
Actively support the transfer of international cooperative industries and shape the global competitive advantage of the w88 live casino chain. First, in the process of exploring and encouraging international cooperative w88 live casino transfer, ensure that key core technologies are controlled by the home country and allow moderate transfer of non-core technology links, so as to build a safe global w88 live casino chain layout. The second is to implement multiple measures to cultivate "specialized, special and new" enterprises, stimulate "specialized, special and new" enterprises with outstanding capabilities to transform and upgrade into "hidden champion" enterprises, and shape the global competitive advantage of China's w88 live casino chain.
The essence of w88 live casino transfer is the dynamic rebalancing of the global value chain, which not only brings the risk of "decoupling and breaking the chain", but also contains the opportunity of "changing lanes and overtaking". China needs to be based on the new development pattern of "domestic circulation as the main body and domestic and international dual circulations reinforcing each other", by accurately identifying the driving mechanisms of different types of transfers, implementing a "differentiated response + forward-looking layout" strategy, consolidating advantageous links, strengthening weak links, and seizing future links in the reconstruction of the global w88 live casino chain, and ultimately upgrading its role from "w88 live casino undertaker" to "global chain owner", laying a solid foundation for resilience for high-quality w88 live casino development in the Yangtze River Delta and even the country.
(The author of this article, Lv Yue, is a professor at the National Institute for Opening-up and Opening-up at the w88 casino and executive director of the Institute of Global Innovation and Governance; Wang Zhe is a master’s student at the w88 casino of International Economics and w88 at the w88 casino; and Yu Zheling is a doctoral candidate at the China WTO Research Institute at the w88 casino)
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