| After experiencing long-term rapid growth,Chinese economy growth is facing the transform of dynamic.Under the complex situation of epidemic prevention and economic and social development,the previously hidden contradictions have become more prominent,and the “extensive growth” model is no longer adapt to the future development of China's economy.However,the inefficiency of innovation,discrimination in ownership,and other difficult-to-change realities have limited the further development of the “intensive growth” model.How to find the driving force for future economic growth is one of the most concerned issues for policymakers.And the current misallocation of resources in China's manufacturing industry means a huge potential for a new round of economic growth in China.At present,domestic and international resource exchanges are becoming more frequent.The way China allocates resources in the global production network has deeply affected the efficiency of domestic resource allocation.Exploring China's Global-Value-Chain(GVC)embedding path and improving embedding quality is undoubtedly one of the effective ways to opening up the "black box" of efficiency promotion.If we can formulate targeted policies based on the impact of global value chain embedding on resource allocation,improving unsustainable problems such as excessive consumption of resources caused by the unbalanced and uncoordinated GVC embeddedness model,may inject new momentum into sustainable economic growth.Based on the top-down and bottom-up theoretical analysis framework of global value chains and the actual development of China's manufacturing industry,this paper systematically expounds the influence mechanism of global value chain embedding on the resource allocation of China's manufacturing industry.Different from most previous research,this paper comprehensively quantifies the external,internal and external synergy,and internal momentum of GVC embedding and distinguishes the facts of resource mismatches within and between the manufacturing industry,and empirical analysis of the allocation of manufacturing resources from 1996 to 2013 was carried out.From the perspective of vertical deepening,we distinguish the influences of the factors flow mechanism,division of labor and cooperation mechanism,outward agglomeration mechanism,and structural upgrading mechanism of the GVC embedding on resource allocation.The main research content of this article includes the following six aspects: First,to conduct a review of relevant domestic and foreign research,sort out the theoretical development context and summarize the research progress in related fields.On the one hand,find theories and methods that support the further research of this article,and on the other based on the limitations and gaps in related research fields have been discovered to clarify the need for further research in this article.Second,take the literature review as the source,based on international trade theory,GVC theory,and industrial economic theory,to comprehensively analyze the mechanism and path of GVC embedding influencing China's manufacturing resource allocation.On the one hand,it shows that the influence mechanism of GVC embedding on resource allocation may play a role on the import and export side of the international market and the supply side of the domestic market,including the process of resource optimization and allocation driven by external momentum which mainly refers to the factors flow mechanism and division of labor and cooperation mechanism in the import and export side of the international market.And in the process of expanding and deepening participation in the GVC of the manufacturing industry,the process of resource optimization and allocation driven by internal and external momentum at the same time.In other words,when the global value chain is deeply connected with the domestic production system,it plays a role on the supply side of the domestic market,which can be divided into outward agglomeration and structural upgrading mechanism.Third,based on the micro data and input-output data of Chinese industrial enterprises,conducting an in-depth discussion on the role of Chinese manufacturing in the GVC and the actual situation of resource allocation.On the one hand,clarify the allocation of resources within and between industries in China's manufacturing industry under variable returns to scale;on the other hand,overcoming the defects of gross value trade thinking and reconsiders China's trade interests from a vertically deepened value-added perspective.Distinguish the external,internal and external synergy and internal momentum of the GVC embedding.Fourth,empirically test the extent and direction that GVC embedding affects the allocation of resources in China's manufacturing industry,and in-depth analysis of the impact of external,internal and external synergy,and internal momentum of the GVC embedding on manufacturing industries.And define the "Optimization Zone" of GVC embedding to resource allocation.Fifth,empirically test the mechanism of GVC embedding affecting resource allocation.Firstly,what effect does GVC embeddedness play on the influence mechanism,thereby improving resource allocation;secondly,construct an equation to verify how the impact mechanism works.If there are multiple effects of multiple mediating mechanisms,further determine the more significant ones;Finally,further explore whether the influence mechanism also has certain negative effects,which may weaken the effect of GVC embedding on resource allocation under certain conditions.Sixth,summarize the research conclusions of the full paper,and provide corresponding policy recommendations on how to build a high-quality GVC embedded path to open the "black box" of China's efficiency improvement.Through theoretical and empirical analysis,the main research conclusions obtained in this paper are as follows:First,the role of Chinese manufacturing in the GVC is shifting from a low-end foundry role that tends to passively accept intermediate products from other countries to a mid-end division of labor that tends to deliver intermediate products to the global production network.In the manufacturing sector,the international market's dependence on China's domestic market has gradually deepened,and the two have gradually shown a pattern of mutual promotion.Second,there are varying degrees of resource misallocation within and between China's manufacturing industries,which also happen to imply a huge energy to achieve a new round of China's economic growth.If the resource misallocation can be improved,from 1996 to 2013,the total factor productivity of the industry will also increase by about 13.16%,achieving an average annual growth of 0.73%;total output will increase by an additional 9.6%,achieving an average annual growth of 0.53%.Third,the external momentum of the GVC embedding has a stronger effect on opening up the circulation channels of resources among industries,and the internal momentum of the GVC embedding has a stronger effect on opening up the circulation channels of resources among enterprises.At the same time,the impact of GVC embedding on resource allocation is heterogeneous among industries,and with the improvement of technology,the industry is increasingly relying on the internal-oriented GVC embedding momentum to improve resource allocation.Further analysis shows that various types of momentum embedded in global value chains have certain "Optimization Zone" for resource allocation.The relationship between internal momentum and resource allocation is in an inverted U-shape.When the internal momentum increases beyond the critical value of the nonlinear relationship,it will play a sustainable role in the optimal allocation of resources.This means that the high-end embedded path of the global value chain based on China's resource endowment and industrial system does have the potential to drive the next round of rapid economic growth.The relationship between internal and external synergy,external momentum and resource allocation is U-shaped,and has the asymmetric characteristics of "high left and low right",indicating that the participation of external momentum has optimized resource allocation among industries,and this effect is greater than the inhibition effect,and the rational use of external momentum will promote it to play a stronger role in resource optimization.Fourth,in the process of improving inter-industry resource allocation by the external momentum of the GVC embedding,the factor flow effect based on foreign capital replacement and reallocation has played multiple mediating roles,and the mediating role of foreign capital reallocation is stronger.Further research found that there is an inverted U-shaped relationship between the reallocation effect of foreign capital and the external momentum of the GVC embedding which means that the division of labor in the GVC dominated by foreign-funded enterprises in developed countries does imply "vertical squeeze" effect.The negative impact of this effect on the allocation of resources in the host country's market will eventually hinder the growth of foreign capital itself.Moreover,based on the difference in productivity growth momentum between the domestic and foreign sectors,foreign capital has actually benefited more from the process of synergistic optimization of resources,and it is more dependent on the reallocation of resources in the host country to drive its own rapid growth.If this collaborative optimization process cannot be sustained,the "vertical squeeze" may be transformed into a "two-way suppression",resulting in a situation of "harming others and harming ourselves" and "harming both sides." It is worth noting that the R&D behavior of the subordinates of the GVC represented by developing economies such as China is essentially the performance of the GVC participants catching up and learning from each other,It driving the more efficient resource reallocation process of the leader in the GVC,and to some extent eliminates the "vertical squeezing" effect of the embeddedness of the GVC.And "restarted" the coordinated optimization path of domestic and international resources.Fifth,the external momentum of the GVC embedding in the process of improving the allocation of resources between industries,the horizontal optimization of the employment structure and the alleviation of financing constraints based on the cooperation of the division of labor in the GVC have played multiple mediating roles,and the mediating effect of lateral adjustment of employment structure is stronger.However,it should be noted that the vertical adjustment of the employment structure has not played mediating role in the process of improving resource allocation in the GVC.Compared with the growth of high-skilled labor factors,the deepening of the GVC embedding has promoted more manufacturing industries to accumulate more preferences for medium and low skilled labor factors.Further research shows that although the external momentum of the GVC embedding drives the optimal allocation of resources in the manufacturing industry by alleviating financing constraints and lowering the barriers to embedding in the GVC,it is at the cost of "dragging" the optimal allocation of labor factor.An inhibitory effect did not appear at the high end of the GVC,but was strengthened at the middle and low ends.Sixth,the internal and external synergistic momentum of the GVC embedding promotes the growth of the manufacturing industry in a larger-scale advantage factor acquisition environment and a more intense market competition environment through the outward agglomeration effect,under the interaction of the “dual growth environment”,the ability of industry allocate resources in GVC and clusters has been improved,thereby improving resource allocation.However,the study found that the“isolating mechanism” of the GVC upstream embedding exists no matter whether it is within or between industries,and the higher the upstream embedding degree,the stronger the motivation of enterprises to protect core technologies and other resources.The strategic intent of microeconomic entities to climb the high-end of the GVC and maintain the core position of the GVC ultimately led to the dual segmentation of the production system in the context of the global value chain.The adjustment failure of individual interests and overall interests prompted accumulation in the "dual growth environment" makes outward agglomeration effect was finally weakened.At the same time,the "mutual imitation and mutual sharing" mechanism of resources embedded in downstream GVC also exists stably,and the higher the degree of downstream embedding,the stronger the incentive for enterprises to share superior resources with the related enterprises in the cluster,and the improving effect of external agglomeration on resource allocation is strengthened accordingly.Therefore,the result of the game between the above two mechanisms determines the strength of the outward agglomeration effect to some extent,and then influences the final effect of the internal and external synergistic momentum of the GVC embedding guiding resource allocation.Seventh,the internal momentum of the GVC embedding embedded improves the value-added and control capabilities of the manufacturing industry in all links of the value chain through the structural upgrading mechanism,and guides the flow of production factors to the value links with higher added value and higher efficiency.Alleviating the value distortion of manufacturing factors of production and improve the allocation of resources in the industry.Among them,the industry with higher level of technology,the more dependent on the low-end embedded path of the global value chain generated by the intermediate input effect to achieve resource optimization,and the industry with lower technical level relies on the high-end embedded path of the GVC generated by the competitive effect.The high-end embedded path of GVC generated by the learning by GVC effect can drive all industries to achieve the optimal allocation of resources,and has a stronger effect on low-tech industries.In other words,China's high-tech industries have stronger value-added capabilities in the low-end links of the GVC,while low-tech industries have stronger value-added capabilities in the high-end links of the GVC.It is precisely because of the low-end embedded path dependence of the GVC of the high-tech industries,the difficulty of connecting the middle-end embedded paths,and the weak positive effect of the high-end embedded paths,it is difficult for high-tech industries to enter the “Optimization Zone”. |
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