Research On The Impact Of “The Belt And Road ” Construction On East Asian Production Network

The stable development of East Asian production network plays an important role in promoting economic growth and industrial transformation and upgrading of East Asian economies,but its inherent defects or problems have increased the vulnerability and uncertainty of East Asian regional economic development.“The Belt and Road” construction is a major strategic move for China's opening up to the outside world in the new era.It aims to promote the common development of the bilateral economy by strengthening economic and trade cooperation with countries along the route.Its in-depth promotion will have a far-reaching impact on the East Asian production network.Under this background,clarifying the impact mechanism and important role of “the Belt and Road” construction on the East Asian production network is of great significance for enriching its strategic connotation and promoting the stable development of the East Asian regional economy.Through systematic analysis of the intermediate products and final products trade structure of East Asian economies,this paper finds that China's intermediate product supply capacity is being continuously enhanced,and the status of the final product market provider has been continuously improved.China has become the core of East Asian production network,and has the economic strength to lead the development and transformation of East Asian production network.After a detailed analysis of the main problems existing in the East Asian production network and the impact mechanism of “the Belt and Road” construction on the East Asian production network,this paper believes that“the Belt and Road” construction will play an important role in decentralizing China's product export market,enhancing China's final product market provider status,and promoting China's global value chain division of labor to high-end,which is of great significance to the stability and high-end development of the East Asian production network.Reducing trade costs and deepening economic and trade relations with countries along the route by increasing the level of trade facilitation are the main objectives of “the Belt and Road” construction.The empirical results show that the decrease of trade costs has a significant promoting effect on the increase of China's final product import and East Asian intermediate trade volume,and the expansion of trade scale between China and countries along the route has a significant driving effect on the growth of East Asian intermediate trade.This shows that “the Belt and Road” construction will help to enhance the status of China's final product market provider and promote industrial cooperation in East Asia.In addition,the construction of free trade zones and the growth of China's GDP have positively promoted the increase of China's final product imports and the expansion of East Asian intermediate trade,but the sharp exchange rate fluctuations have a restraining effect.On the basis of the above analysis,the policy recommendations are given: First,actively promote the transformation of China's economic growth and industrial structure through“the Belt and Road” construction;Second,focus on reducing trade costs related to trade facilitation;Third,actively promote regional economic integration in East Asia.