w88 casino News Network (Contributed by the Academic Publications Department)The article "New Agenda for Global Value Chain Research" published by Zhao Zhongxiu and Zheng Xiuxiu in the 2024 Issue 1 of "International w88 Issues" was reprinted in full in the 2024 Issue 10 of "Xinhua Digest".

 1. Research background

The development of global value chains (GVC) is an important manifestation of economic globalization and the deepening of international production division of labor, and has attracted widespread attention and discussion. This article aims to explore the multiple challenges faced by the current development of global value chains and China's corresponding countermeasures, so as to clarify the current new agenda of global value chain research. Relevant content covers hot topics such as increasing international political uncertainty, competition between major powers, national security and "decoupling theory", digitalization and greening. In addition, in the field of GVC research, there is room for further in-depth analysis of issues such as w88 barrier transmission and welfare analysis combined with classic economic theories, especially international w88 theory. This article aims to inspire more scholars to conduct in-depth discussions on the above issues, so as to provide a more accurate judgment on the direction of global economic development in the context of economic globalization and international production division of labor.

2. Marginal contribution

This article systematically sorts out the current issues on global value chains and economic development—discussing the impact of uncertain factors such as the COVID-19 pandemic, geopolitics, and major power competition policies on global value chains; reviewing the relationship between global value chains and national security, including industrial chain resilience and reconstruction, industrial subsidy policies, etc.; analyzing the impact of energy transition, carbon reduction targets, and digitalization and intelligent technologies on global value chains. This article points out that on research issues such as w88 barrier transmission and welfare analysis, the integration of existing global value chain research and classic international w88 theory still needs to be deepened.

The marginal contribution of this article is to clarify the fundamental driving factors for the formation of the global value chain system and clarify its development direction. The existence and development of global value chains may encounter challenges due to increased uncertainty in short-term global economic policies, or may be adjusted due to high-level development goals such as addressing climate change and improving environmental governance, but there will be no fundamental reversal.

3. Research content and conclusion

First, rising global economic and political uncertainty affects the development of global value chains. In recent years, the uncertainty of the global economic environment has obviously shown an overall upward trend. The Russia-Ukraine conflict is the main factor causing increased uncertainty in global economic policies following the global COVID-19 pandemic. Behind the Russia-Ukraine conflict involves economic sanctions, and related impacts may spread along the industrial chain. Social distancing measures to slow down the spread of large-scale COVID-19 infections may have a long-term impact on domestic population movements, which in turn affects labor-intensive industries. In terms of major power competition, competition and restriction methods between China and the United States are diversified, and restrictions on some key intermediate products may further affect the international supply and marketing layout of relevant downstream industry chains.

Second, considerations of national security factors affect the development of global value chains. In recent years, some developed economies have put forward a series of requirements for manufacturing reshoring, near-shoring, and friendly-shoring transfers to their global suppliers in the name of strengthening the resilience of the industrial chain. At the same time, major economies have shown a "spiral upgrade" trend in terms of industrial subsidies in key industries. This article points out that the underlying logic of companies deploying production and sales globally to maximize profits remains unchanged, and this is the fundamental driving force behind the formation of the global value chain system. The fundamental issues behind the current wave of manufacturing reshoring, nearshoring, and friendly-shoring transfers in developed economies are international politics and diplomatic relations, and even the impact of disease and health issues that have not been taken into account for a long time on the global geographical layout of corporate production, operations, and sales. In other words, the cost of costing these non-economic factors has reached its peak in the past two decades. However, anti-globalization is short-term, while win-win cooperation is the long-term direction. The form and performance of China's participation in global value chains has and will inevitably change. China's way of participating in the international cycle has changed from using the comparative advantage of low-cost labor factors when it joined the WTO to more extensively introducing factors such as technology, capital and data to participate in the international cycle. In the context of a higher level of opening up to the outside world, policymakers should pay more attention to the form of overseas investment by Chinese enterprises.

Third, climate change and the development of the digital economy are also closely related to the development of the global value chain. For example, the industrialization process of developed economies was much earlier than that of China. At that time, the international production division of labor system had not yet been formed, and their historical cumulative carbon emissions during the industrialization process actually far exceeded that of China. Accordingly, the issue of responsibility sharing among economies for global carbon emission reduction targets should face up to the objective reality of the development of global value chains, and the fact that all economies should be treated as a whole when it comes to global carbon emissions. At the same time, artificial intelligence, digitalization and automation technologies will have a huge transformative impact on production and services, affecting production efficiency, and may even loosen the constraints of factor endowments on the participation of various economies in international w88. This will become an important factor that profoundly affects the global division of labor system.

Fourth, clarify the issues that need to be discussed in depth in this research field. First, the average level of tariffs continues to decline around the world, but the number and form of non-tariff barriers is significantly increasing. Existing research has explored the impact of tariffs and vertical specialization on w88 growth, as well as the accumulation and transmission effects of tariffs under transnational multiple production stages. However, in-depth analysis of the transmission effects of non-tariff barriers within the framework of global value chains is relatively rare. Secondly, the impact of high-level regional w88 agreements on the development direction of global value chain activities remains to be clarified. Although intra-regional value chains are part of the global value chain, if the value chain connections between several major regions tend to weaken in the long term, it will in turn slow down the development of the global value chain. Thirdly, the impact of global value chains on the macroeconomy, especially the issues such as industrial and labor structure adjustments that arise during the development of global value chains, and the measurement of related benefits, have yet to be systematically and scientifically calculated.

IV. Policy Suggestions

The world economy is at a complex crossroads, and economic power is an important basis for games among economies. Global value chains play an important role in promoting global economic growth and development. Based on the current situation, China, as one of the important centers of global manufacturing, firmly supports w88 liberalization and economic globalization, and does not change its support for the global economy based on short-term interests. This reflects the persistence and responsibility of a big country, and it also plays an irreplaceable role in maintaining global economic stability. Looking to the future, China will continue to play an important role in promoting the development of the world economy and global value chains, contributing to the realization of a more resilient, inclusive and sustainable global economy, so that win-win cooperation will benefit the world.

This research result was reprinted and published by "Xinhua Digest", which is a recognition and affirmation of the quality of the publication of "International w88 Issues". It also shows that in the process of accelerating the construction of China's independent economic knowledge system, the wisdom and plans of the University of w88 and Economics have never been absent.

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