The Restructuring of Global Value Chains and Vitalization of China’s Manufacturing Sector in the Context of the “One Belt One Road” Initiative

In: Political Economy of Globalization and China's Options

Abstract

The globalized development of manufacturing enabled China to reap huge profits as a leading producer. However, the embedded global value chain (GVC) export-oriented development model has also brought some challenges to China, as it does international subcontracting work at the bottom of GVCs. China is thus striving to adjust the imbalance in the world economic structure by shaping China’s globalization strategy based on domestic demand and establishing an outlook and a mechanism creating a virtuous circle between the domestic and international economies. The new China-dominated GVCs will become China’s new, high-level, comprehensive, and open spaces, links, and vectors, which will enable our economy to achieve high-speed industrial development on a mid-to-high-end basis. The GVCs formed through the “One Belt One Road” initiative, based on domestic demand, will help to push its economy more quickly into a new stage of innovation-driven development, which in turn will provide China’s manufacturing sector the bright minds and the wings it needs to soar.

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