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In less than three decades, China has emerged as the world's largest exporting nation with more than $2 trillion exports annually. China's quick rise as a leading exporter in the world is an unprecedented miracle. There are many theories explaining this miracle. This book adopts the global value chain (GVC) approach to analyze the Chinese export miracle over the last four decades. It focuses on the tasks rather than the gross export value and emphasizes the organizations of modern trade rather than the national comparative advantage. The GVC approach systematically explains how, in less than four decades China has evolved from a closed economy to the world's No. 1 exporting nation; why China, a developing country, has exported more high-technology products than labor-intensive products to the US; and why almost half of the US trade deficit has originated from China.The book identifies three spillover effects of GVCs that originated from brands, technology and product innovation, and distribution and retail networks of GVCs lead firms. It argues that China's deep integration with GVCs has been a decisive factor for China's emergence as the world's No.1 exporting nation and the champion of high-technology exports. In addition, this book uses iPhone trade and the operation of Apple, the largest factory-less American manufacturer, to explain how current trade statistics exaggerate China's exports to and its trade surplus with the US on the one hand, and underestimate US exports on the other hand.By using the experience of the Chinese mobile phone industry, the book argues that the GVC strategy can be a short-cut for developing countries to achieve industrialization and enable firms of developing countries to enter high-technology sectors despite their intrinsic disadvantages. At this end, the book also discusses the future trajectory of China-centered GVCs under the shadow of the US-China trade war and the COVID-19 pandemic.
China’s trade patterns are evolving. While it started in light manufacturing and the assembly of more sophisticated products as part of global supply chains, China is now moving up the value chain, “onshoring” the production of higher-value-added upstream products and moving into more sophisticated downstream products as well. At the same time, with its wages rising, it has started to exit some lower-end, more labor-intensive sectors. These changes are taking place in the broader context of China’s rebalancing—away from exports and toward domestic demand, and within the latter, away from investment and toward consumption—and as a consequence, demand for some commodity imports is slowing, while consumption imports are slowly rising. The evolution of Chinese trade, investment, and consumption patterns offers opportunities and challenges to low-wage, low-income countries, including China’s neighbors in the Mekong region. Cambodia, Lao P.D.R., Myanmar, and Vietnam (the CLMV) are all open economies that are highly integrated with China. Rebalancing in China may mean less of a role for commodity exports from the region, but at the same time, the CLMV’s low labor costs suggest that manufacturing assembly for export could take off as China becomes less competitive, and as China itself demands more consumption items. Labor costs, however, are only part of the story. The CLMV will need to strengthen their infrastructure, education, governance, and trade regimes, and also run sound macro policies in order to capitalize fully on the opportunities presented by China’s transformation. With such policy efforts, the CLMV could see their trade and integration with global supply chains grow dramatically in the coming years.
An accessible overview of political, economic, and strategic dimensions of global supply chains in a changing global political economy.
This work closely examines the strengths and weaknesses of the Chinese economic system to discover where the nation may be headed and what the Chinese experience reveals about emerging market economies.
This report brings together OECD data on the globalisation of value chains, including the rise of outsourcing/offshoring.
Global value chains are radically altering how goods and services are produced--parts made in one country, for instance, are increasingly assembled in another and sold in a third. The globalisation of production has changed the industrial structure ...
Globalization, developments in technology, and new business models are transforming the way products and services are conceived, designed, made, and distributed in the U.S. and around the world. These forces present challenges - lower wages and fewer jobs for a growing fraction of middle-class workers - as well as opportunities for "makers" and aspiring entrepreneurs to create entirely new types of businesses and jobs. Making Value for America examines these challenges and opportunities and offers recommendations for collaborative actions between government, industry, and education institutions to help ensure that the U.S. thrives amid global economic changes and remains a leading environment for innovation. Filled with real-life examples, Making Value for America presents a roadmap to enhance the nation's capacity to pursue opportunities and adapt to transforming value chains by widespread adoption of best practices, a well-prepared and innovative workforce, local innovation networks to support startups and new products, improved flow of capital investments, and infrastructure upgrades.
"Concise, and highly entertaining."- Louis-Vincent Gave, CEO Gavekal Research "The Epic Split is packed full of great insights and anecdotes."- Rob Carnell, Chief Economist, Asia-Pacific, ING Bank "Essential reading."- Risto E J Penttilä, Secretary General, European Business Leaders' ConventionThis book is about the greatest break-up the world has ever seen.The conflict between the world's two biggest economies is far from being just about trade. It's a fierce and escalating battle between two ideologies. If the past decades were characterized by globalization, the next may well be all about decoupling: the disintegration of the relationship between the US and China. Companies are leaving China, no question. And consumers around the world say they prefer products not made there. It's clear that 'Made in China' is going out of fashion. However, this is not a book about the world going up in flames. It's about change and opportunities.For China, the conflict has given new urgency to the need to modernize its economy and become more self-reliant in technology. For international companies and for governments around the world, it has been a wake-up call to cut dependency on Chinese supply chains, against a backdrop of rising consumer skepticism toward China. The world's biggest maker of mobile phones, Samsung Electronics, recently closed down its last factory in China. More will follow. "Nylander does a superb job of unpacking the state of decoupling between US and China"- Paul Triolo, head of geotechnology at Eurasia Group"It was a pure pleasure reading his book. Highly relevant - and elegant."- Ulf Ohrling, founder and director Ohrling Advisory Ltd
Can firms and economies utilize global value chains for development? How can they move from low-income to middle-income and even high-income status? This book addresses these questions through a series of case studies examining upgradation and innovation by firms operating in GVCs in Asia. The countries examined are China, India, South Korea, the Philippines, and Sri Lanka, with studies of firms operating in varied sectors - aerospace components, apparel, automotive, consumer electronics including mobile phones, telecom equipment, IT software and services, and pharmaceuticals.
Based on a theoretical framework of the global distribution of value chains, this book investigates China's evolving role in global value chains (GVCs) at the macro, meso and micro level. This book is a useful reference for those who are interested in acquiring insights into the development of China as the world's fastest-growing economy.