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Global Value Chains and New Thinking on Trade and Industrial Policy

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  • Xing Yuqing

    (National Graduate Institute for Policy Studies)

Abstract

This paper argues that global value chains (GVCs) have transformed bilateral trade relations into multilateral and value added approach is needed to accurately measure the contribution of trade to economic growth and bilateral trade balances. Under GVCs, the impact of exchange rates on bilateral trade balances have been weakened and technological innovations may not necessarily increase domestic employment. The challenges associated with the emergence of GVCs require an in-depth understanding of modern international trade, which in turn calls for new modes of thinking and new theories. For developing countries, focusing on specific segments of GVCs and upgrading industrial capacity along value chains could be an alternative path of industrialization.

Suggested Citation

  • Xing Yuqing, 2016. "Global Value Chains and New Thinking on Trade and Industrial Policy," GRIPS Discussion Papers 16-07, National Graduate Institute for Policy Studies.
    • Handle: RePEc:ngi:dpaper:16-07
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    References listed on IDEAS

    as
    1. Yuqing Xing & Neal Detert, 2010. "How iPhone Widens the US Trade Deficits with the PRC?," GRIPS Discussion Papers 10-21, National Graduate Institute for Policy Studies.
    2. Yuqing Xing, 2014. "China's High-Tech Exports: The Myth and Reality," Asian Economic Papers, MIT Press, vol. 13(1), pages 109-123, Winter.
    3. Rudolfs Bems & Robert C. Johnson, 2012. "Value-Added Exchange Rates," NBER Working Papers 18498, National Bureau of Economic Research, Inc.
    4. Gereffi, Gary, 1999. "International trade and industrial upgrading in the apparel commodity chain," Journal of International Economics, Elsevier, vol. 48(1), pages 37-70, June.
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