Abstract
Global value chains (GVCs) have entered a new stage of restructuring characterized by trends towards localization, regionalization and diversification. These trends can be attributed to the evolution of the international division, irrational responses to crisis shocks, and trade protectionism. In this context, China 's industrial and supply chain upgrades face both opportunities and challenges which require navigating the adverse effects of industrial re-shoring, unfair technology competition, and changes in the global industrial layout. Yet, such challenges may create pressures for China to accelerate innovation, overcome the low-end lock-up effect by creating regional value chains, and broaden international cooperation. China needs to explore an effective strategy to defuse risks and seize opportunities. On one hand, China should influence the restructuring of GVCs evolution and strengthen its supply chains by playing an active role in economic globalization and the international division. On the other hand, China should proactively respond to GVCs restructuring amid rising trade protectionism, defuse risks from trade protectionism by opening wider to the outside world, and strive to upgrade industrial and supply chains while enhancing the security and stability of their nation.
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