2021-10-31-亚开行-2021年全球价值链发展报告_超越生产（英）_247页_15mb

Global Value Chain Development Report 2021: Beyond Production

Summary

Core Content

The Global Value Chain Development Report 2021: Beyond Production is a collaborative effort by five institutions: the Asian Development Bank (ADB), the Research Institute for Global Value Chains at the University of International Business and Economics, the World Trade Organization (WTO), the Institute of Developing Economies - Japan External Trade Organization (IDE-JETRO), and the China Development Research Foundation. It explores the evolving nature of global value chains (GVCs), emphasizing the shift from traditional manufacturing to services and intangible assets, and the implications for economic development and policy.

Main Views and Key Information

1. Trends in Global Value Chains

• Shift from Hyperglobalization to Slowbalization: Globalization has slowed down since the 2008-2009 financial crisis, with trade disputes and geopolitical tensions creating uncertainty.
• Regionalism on the Rise: Trade agreements are increasingly regional, reducing the dominance of global value chains.
• Domestic Agglomeration: Countries are developing localized GVCs, enhancing economic resilience and reducing reliance on foreign production.
• Role of Multinational Corporations (MNCs): MNCs remain central to GVCs, controlling the flow of value and shaping global production networks.
• Non-Production Tasks: The role of non-production tasks (e.g., design, branding, intellectual property) is growing, contributing more to value creation than traditional manufacturing.

2. Trade in Intangible Assets and Intellectual Property

• Intangible Assets Drive Value: Brands, unique designs, and patented technologies are becoming more important in determining the value of goods and services.
• Case Studies: The iPhone X case highlights the mismatch between physical exports and the intangible value captured by firms like Apple.
• Trade in Factor Income: This new concept includes trade in intangible assets and provides a more accurate measure of GVCs.
• U.S.-China Trade Imbalance: Using trade in factor income, the U.S.-China trade surplus is estimated to be 32% lower than previously reported, reflecting the significant role of intangible assets.
• IP Protection: Strengthening intellectual property rights is crucial for innovation and maintaining competitive advantage in GVCs.

3. Productivity, Innovation, and Upgrading

• Knowledge Spillovers: Access to foreign R&D and innovation enhances productivity in developing economies.
• Global Value Chain-Mediated Innovation: Domestic innovation is influenced by the integration into GVCs and exposure to foreign technologies.
• Upgrading Pathways: Nonlinear upgrading is observed in the People's Republic of China, where local smartphone brands like Huawei, OPPO, and Xiaomi are rising.
• India's Wind Turbine Industry: Outward foreign direct investment (OFDI) enables firms to acquire foreign technology and enhance competitiveness.
• Productivity Growth as a Development Driver: GVCs contribute to long-term economic growth by fostering innovation and productivity improvements.

4. Role of Global Services Value Chains

• Services-Led Growth: Services value chains (SVCs) are becoming a key driver of economic development.
• India and the Philippines: These countries have successfully integrated into SVCs, particularly in business process outsourcing (BPO) and information technology (IT) services.
• Labor Market Impacts: SVCs affect employment, income inequality, and the creation of inclusive jobs.
• Future Prospects: The report suggests that services value chains can offer new opportunities for developing economies to specialize and grow.

5. Risks to Global Value Chains

• Geopolitical Risks: Trade disputes, protectionism, and geopolitical tensions are destabilizing GVCs and forcing reorganization.
• Environmental Risks: Climate change and environmental regulations are increasing the complexity and vulnerability of GVCs.
• Pandemic Risks: The COVID-19 pandemic exposed the fragility of global supply chains, especially in critical sectors like semiconductors.
• Resilience and Adaptation: The report emphasizes the need for greater resilience in GVCs to adapt to these meta-risks.
• Compounding Effects: The interplay of geopolitical, environmental, and pandemic risks can amplify the negative impacts on GVCs.

6. Digital Platforms and GVCs

• Digital Platforms Enable Inclusion: They provide access to global markets for micro, small, and medium-sized enterprises (MSMEs).
• Role in International Trade: Digital platforms facilitate trade in intangible assets and services, enhancing global value chain participation.
• Challenges: Digital platforms can create new risks, such as data privacy and monopolistic practices, which need to be addressed by policymakers.
• Policy Considerations: The report highlights the importance of supporting MSMEs in leveraging digital platforms for global trade.

Key Findings

• GVCs are evolving beyond manufacturing, with a growing emphasis on services and intangible assets.
• Trade in factor income (including intangibles) offers a more accurate picture of GVC participation and value distribution.
• Innovation and productivity are increasingly driven by access to foreign R&D and the integration into GVCs.
• Nonlinear upgrading is evident in developing economies, where local firms are catching up in high-value segments.
• Digital platforms are reshaping GVCs by enabling new forms of trade and participation, especially for MSMEs.
• Geopolitical, environmental, and pandemic risks are compounding, requiring a rethinking of GVC strategies and policies.

Conclusion and Policy Recommendations

• GVCs must be studied beyond traditional production processes to understand their full economic impact.
• Policies should support inclusive growth, enhance resilience, and promote services-led development.
• Strengthening intellectual property protection and digital platform governance is essential for sustainable GVC development.
• Regional cooperation and trade agreements should be leveraged to enhance economic integration and stability.

Contributors and Structure

• The report includes 51 authors from 20 research institutions in 8 countries.

• It is structured into six chapters:

  1. Recent Trends in Global Value Chains
  2. Trade in Intangible Assets and IP Protection
  3. Productivity, Innovation, and Upgrading
  4. Role of Global Services Value Chains
  5. Rising Risks to GVCs
  6. Digital Platforms and GVCs

• It also features tables, figures, and boxes to illustrate key data and case studies, such as the iPhone X value chain and Suzlon Energy's upgrading strategy.

Acknowledgments

• The report benefits from the insights of discussants and participants in the First Authors' Workshop (October 2020) and Chapter Authors' Workshop (May 2021).
• Key contributors include Neil Foster-McGregor, Xiaolan Fu, Mohammed Faiz Bin Shaul Hamid, Satoshi Inomata, and Zhi Wang.
• Special thanks to Robert Koopman and Yasuyuki Sawada for their ongoing support throughout the report's development.

Abbreviations

• ADB: Asian Development Bank
• GVC: Global Value Chain
• IP: Intellectual Property
• MSMEs: Micro, Small, and Medium-Sized Enterprises
• TRIPS: Trade-Related Aspects of Intellectual Property Rights
• TiFI: Trade in Factor Income
• TiVA: Trade in Value Added
• RTA: Regional Trade Agreement
• RCI: Regional Concentration Index
• BPO: Business Process Outsourcing
• FDI: Foreign Direct Investment
• OECD: Organisation for Economic Co-operation and Development
• HS: Harmonized System
• ICT: Information and Communication Technology
• CO₂: Carbon Dioxide
• GHG: Greenhouse Gas
• R&D: Research and Development

Conclusion

The Global Value Chain Development Report 2021: Beyond Production underscores the transformation of GVCs from purely manufacturing-based to ones that integrate services, intangible assets, and digital platforms. It calls for a new approach to policy-making that recognizes the nonlinear upgrading, services-led growth, and the increasing role of intellectual property and digital platforms in shaping the future of global trade. The report also highlights the risks posed by geopolitical tensions, environmental challenges, and pandemics, urging greater resilience and adaptation in GVC structures.