亚开行-2021年全球价值链发展报告：超越生产（英）-2021.11-247页_13mb

Global Value Chain Development Report 2021: Beyond Production

Summary

Core Content

The Global Value Chain Development Report 2021: Beyond Production explores the evolving role of global value chains (GVCs) in the global economy, emphasizing the shift from traditional manufacturing-centric models to more complex, service-oriented and intangible asset-driven structures. It highlights how GVCs are increasingly influenced by geopolitical, environmental, and pandemic risks, and how digital platforms and intangible assets are reshaping trade and economic development.

Main Views

1. Trends in Global Value Chains

• Hyperglobalization to Slowbalization: Globalization has slowed since the 2008-2009 financial crisis, with trade disputes and protectionist policies affecting GVCs.
• Regionalism and Domestic Agglomeration: There is a growing trend toward regional trade agreements and domestic clustering of production activities.
• Role of Multinational Corporations (MNCs): MNCs play a central role in organizing and managing GVCs, with significant control over the geographic allocation of tasks.
• Nonproduction Tasks: Intangible assets such as design, branding, and intellectual property (IP) are becoming more critical to value creation than traditional manufacturing.

2. Trade in Intangible Assets and Intellectual Property

• Apple and iPhone X Case Study: Apple captures a large share of the value added in the iPhone X, despite manufacturing being done overseas.
• Trade in Intangibles: The trade of intangible assets (such as IP, design, and branding) is increasing, especially between the PRC and the US.
• Factor Income Trade: This includes trade in intangible assets and is a key factor in the trade balance between the PRC and the US.
• IP Protection: The report emphasizes the importance of protecting intellectual property in the context of GVCs and the trend toward "TRIPS-Plus" regulations.

3. Productivity, Innovation, and Upgrading

• Knowledge Spillovers: GVCs facilitate access to foreign R&D, which can boost domestic innovation and productivity.
• Upgrading Paths: Both linear and nonlinear upgrading are possible, with examples like India's wind turbine industry and China's smartphone brands (Huawei, OPPO, Xiaomi) showing different approaches.
• Resilience and Adaptation: The ability of GVCs to adapt to risks (geopolitical, environmental, pandemic) is crucial for long-term development.

4. Global Services Value Chains

• Services-Led Development: Services, particularly in IT and business process outsourcing (BPO), are becoming a major driver of growth.
• India and the Philippines: These countries have positioned themselves as global leaders in services value chains, especially in BPO and IT services.
• Labor Market Impacts: Services value chains can create high-value jobs and reduce inequality, but also pose challenges in terms of skill requirements and employment distribution.

5. Rising Risks to GVCs

• Geopolitical Risks: Trade disputes, such as between the US and the PRC, and protectionist policies are undermining GVC stability.
• Environmental Risks: Climate change and environmental regulations are affecting GVCs, particularly in terms of production costs and sustainability.
• Pandemic Risks: The pandemic exposed vulnerabilities in GVCs, such as supply chain disruptions and the need for greater resilience.
• Resilience and Adaptation: The report calls for strategies to enhance GVC resilience against compounding risks.

6. Digital Platforms and GVCs

• Role of Digital Platforms: Digital platforms enable MSMEs to participate in GVCs by facilitating access to global markets and reducing transaction costs.
• Challenges: Digital platforms can create new risks, such as data privacy concerns and the concentration of power among platform providers.
• Inclusion and Policy Considerations: Policymakers need to ensure that digital platforms support inclusive growth and do not exacerbate inequality.

Key Information

• The report is a joint publication by the Asian Development Bank (ADB), the Research Institute for Global Value Chains (RIGVC) at the University of International Business and Economics (UIBE), the World Trade Organization (WTO), the Institute of Developing Economies - Japan External Trade Organization (IDE-JETRO), and the China Development Research Foundation (CDRF).
• It is based on 51 authors from 20 research institutions in eight countries.
• The report introduces the concept of "trade in factor income" to better measure the value created in GVCs, which includes intangible assets.
• Using this new measure, the trade surplus between the PRC and the US would be 32% lower, highlighting the underestimation of intangible asset trade.
• Digital platforms are reshaping GVCs, enabling MSMEs to engage in global trade and innovation.

Conclusions and Policy Recommendations

• GVCs are evolving beyond production to include intangible assets, services, and digital platforms.
• Trade statistics need to be updated to reflect the growing importance of services and intangibles in GVCs.
• Inclusive policies are essential to ensure that all countries, especially developing ones, benefit from GVCs.
• Resilience against geopolitical, environmental, and pandemic risks is a priority for sustainable development.
• Digital inclusion should be promoted to help MSMEs and developing economies participate more effectively in GVCs.

Key Figures and Data

• iPhone X value added: Apple captures 59% of the value added.
• Trade in factor income: Includes trade in intangible assets and is a more accurate measure of GVC activity.
• GVC participation: Shows that GVCs are increasingly diversified across regions and sectors.
• Resilience index: Highlights the relative ability of different economies to withstand GVC risks.

Structure and Scope

• The report includes six chapters, tables, figures, and boxes that illustrate various aspects of GVCs.
• It features case studies on the PRC, India, the Philippines, and the US.
• The appendix outlines the workshops and contributors involved in the report's development.

Conclusion

The Global Value Chain Development Report 2021: Beyond Production underscores the transformation of GVCs from purely manufacturing-focused to multi-dimensional systems involving services, intangible assets, and digital platforms. It provides insights into how these changes affect economic development, trade balance, and policy-making, especially in the context of global risks and the need for more inclusive and resilient trade systems.