Reconstructing Global Industrial Chains under the Pandemic, and Chinaâs Response

Qifan Huang

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Chapter 4 Reconstructing Global Industrial Chains under the Pandemic, and Chinaâs Response

In: The Impact of Innovation on Globalization

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Qifan Huang

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Type:: Chapter

Pages:: 44â54

DOI:: https://doi.org/10.1163/9789004464476_005

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Abstract

China has a pivotal position in global supply chains. Since the Covid-19 pandemic broke out, comments about âdecouplingâ and ârelocation of manufacturing abroadâ have continued unabated. The author believes that the reshuffling of global industrial chains will lead to a reshuffling of global industrial chains, not to decoupling from China, as a few Westerners hope, and that they will rather develop toward becoming more vertically integrated, more diversified, and more resilient, under the influence of market laws.

In response to concerns about the relocation of industrial chains as a result of the pandemic, the author points out that industry during the next phase will be paying more attention to digital infrastructure, namely cloud services, the Internet of Things, remote services, and so on. Right now, Chinaâs building of digital infrastructure, such as 5G data centers and the Internet of Things, is accelerating, so Chinaâs future commercial infrastructure should be strengthened rather than weakened.

This time, global industrial restructuring will certainly not consist of simple relocation, but will be a structural reconfiguration based on the developing needs of advanced productive forces, as well as the production relations formed around the world in terms of infrastructure building and the business environment, and on the basis of this, through innovation, there will emerge an industrial structure in which production chain clusters are vertically integrated.

When confronting the restructuring of future industrial chains, China should have five major countermeasures: (1) improve the layout of industrial chains and mend their shortcomings; (2) start the domestic economic cycle and encourage export-oriented enterprises to shift to domestic sales; (3) encourage traditional industries to digitize, restructure, and use new technology to develop their domestic markets; (4) attach importance to the market value of cyberspace and give full play to the role of cross-border e-commerce; (5) strive to expand the total value of import trade and achieve a balance of imports and exports.

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The Impact of Innovation on Globalization

Series:Â China in the World, Volume: 8

E-Book ISBN:: 9789004464476

Publisher:: Brill

Print Publication Date:: 19 May 2021

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Chapter 4 Reconstructing Global Industrial Chains under the Pandemic, and Chinaâs Response

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The Impact of Innovation on Globalization

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Chapter 4 Reconstructing Global Industrial Chains under the Pandemic, and Chinaâs Response