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The Mystery of China's Exports: Decoding the "Global Value Chain" Author: Xing Yuqing Publisher: Life·Reading·New Knowledge Sanlian Bookstore
The Mystery of China's Exports: Decoding the "Global Value Chain" Author: Xing Yuqing Publisher: Life·Reading·New Knowledge Sanlian Bookstore
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Description
Introduction · · · · · ·
Over the past 40 years, the magnificent reform and opening up has made China's economic growth rate reach an average of 8% per year, which is rare in the world. China has also developed from a closed and backward agricultural country to the world's second largest economy, the largest goods trading country, the largest goods exporter, the second largest goods importer, the second largest service trade country, and the second largest open country in foreign direct investment. Through reform and opening up, China has integrated into the global economic integration, promoted the rapid development of China's economy, and embarked on a sustainable path to becoming a strong country.
This is the first book to systematically interpret and analyze China's export miracle from the perspective of the global value chain, rather than from the perspective of the classical theory of comparative advantage, economic system reform and trade liberalization.
This book analyzes the formation of China's export miracle within the research framework of the global value chain. It focuses on the importance of cooperation and division of labor between Chinese companies and foreign multinational corporations in the global value chain.
Starting from the value chain analysis of the production and processing of specific high-tech products for export, it reveals the intrinsic connection between China's exports and the global value chain, the main tasks of Chinese companies in the global value chain, and how the global value chain is the mechanism that drives the rapid growth of China's exports.
The study, based on a large number of cases and empirical results, shows that the deep participation of Chinese enterprises in the global value chain dominated by multinational corporations in developed countries is an important factor in the great success of Chinese manufacturing/assembly products in the global market. Their popularity and competitiveness around the world are attributed to the deep participation of Chinese enterprises in the global value chain and the spillover effects of the global value chain.
The analysis of the causes of China's export miracle is based on the statistical data of processing export trade, and quantifies the dependence of China's exports on the global value chain. This direct measurement method not only avoids the technical complexity of the international input-output table method, but more importantly, it retains the basic characteristics of the organizational structure of the global value chain. This quantitative method can more accurately and intuitively estimate the degree of China's export participation in the global value chain.
The Sino-US trade war and the COVID-19 pandemic are currently ongoing, and the possible trajectory of the reorganization of the global value chain centered on China is also foreseen in this book.
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In just about three decades since the reform and opening up, China has grown from a closed economy to the world's largest exporter. Based on the global value chain as a framework, this book starts from the role of Chinese companies in the global value chain and reveals the decisive role of multinational companies' technology, brands and marketing networks in the formation of China's export miracle. International trade based on the global value chain is fundamentally different from the classical trade of cloth for wine, and has led to a distortion of the Sino-US trade balance. The author uses the iPhone trade and Apple Inc. as examples to analyze in detail how trade statistics distort Sino-US bilateral trade. The global value chain is not only a new way of trade, but also a new path for developing countries to achieve industrialization. The era of super globalization has spawned a global value chain centered on China. However, Sino-US trade frictions, technological competition between China and the United States, and the spread of the new crown epidemic around the world are threatening the stable operation of the global value chain centered on China. Finally, the author conducts a forward-looking analysis of the future development and reconstruction of the global value chain and reveals the future growth path of Chinese companies.
About the Author · · · · · ·
Xing Yuqing, a native of Xi'an, is a professor of economics at the National Graduate Institute for Policy Studies in Japan. He has served as the director of the Capacity Building and Training Department of the Asian Development Bank Institute, a visiting professor at the East Asian Institute of the National University of Singapore, a visiting researcher at the Bank of Finland, a visiting researcher at the World Institute for Development Economics, and a visiting researcher at the United Nations University Institute for Advanced Studies. He graduated from the Department of Mathematics at Peking University and received a Ph.D. in Economics from the University of Illinois at Urbana-Champaign. He is the editor-in-chief of the Global Value Chain Development Report 2021: Beyond Manufacturing. The paper "How the iPhone Expands the US Trade Deficit with China" pioneered the theory of using trade value added to assess the Sino-US trade balance, which triggered the reform of international trade statistics. His views and results on the global value chain research have been reported by The Wall Street Journal, Time, Financial Times, China Daily, China Newsweek, and Caijing, and have had a great impact.
