Abstract:

The stable development of the Global Value Chain (GVC) is a prerequisite for and the foundation of our economic security. Under the background of shortening and regional transformation of the GVC, maintaining the stable development and transformation of the GVC in East Asia is very important for the stable development of China’s GVC and national economic security. Under the background of the Sino-US trade war and the global spread of COVID-19, there are two trends of “stable development” and “de-Sinicization” in the GVC of East Asia. This paper shows that there is a close relationship between the dual circulation economic strategy and the stable development of the GVC of East Asia. Therefore, China should accelerate the implementation of dual circulation to form a new development pattern, in which domestic economic cycle plays a leading role while domestic and international economic cycle support each other. We should enhance the ability of independent innovation and extend the value chain, and accelerate cooperation and interaction with East Asian countries to consolidate China’s position in the center of the GVC in East Asia and achieve inclusive growth of mutual benefit and win-win cooperation with East Asian countries.

Key words: global value chain, economic security, dual circulation, GVC in East Asia, decoupling