Abstract:

The fourth industrial revolution has been promoting the global production and consumption mode to realize the transformation and revolution of digital economy. The globally outbreak of COVID-19 has been catalyzing the transformation of the digital economy and promoting the structural restructuring and reshaping of the global value chain. At present, there are still different levels of understanding and disputation on the connotation of digital economy. Taking “data capital” as the core conception and focusing on the three aspects of foundation, key sectors and broad sectors, we will accurately grasp the transformation process of digital economy as the typical representative of current economic and technological change. The transformation of global digital economy subverts some theoretical paradigms including traditional development economics and GVCs （global value chains）; at the same time, more and more countries in the world also begin to shape a new generation of digital economic value chain with a variety of models. The Biden administration in the United States pays more attention to the concentration of foreign policy in the field of digital economic value chain. This process will inevitably lead to the competition and game among global powers in the “Axis Era” of digital economic value chain, and the result will also profoundly affect the structural change and systematic reshaping of international power in the future.

Key words: industrial revolution, digital economy transformation, global value chain, digital economic value chain, international power