The impact of global value chain restructuring on the product structure of China-EU exports

Using the Asian Development Bank Multi-Regional Input-Output Tables (ADB-MRIO) and the UIBE GVC Indicators Database, this paper selects the data of 14 manufacturing industries in China from 2007 to 2020, and empirically studies the impact of global value chain restructuring on the product structure of China-EU exports. Research shows that the restructuring of global value chain is conducive to the optimization of China-EU export product structure, and has a stronger effect on high-tech industries. Among them, the labor cost-driven global value chain restructuring is not conducive to the upgrading of China-EU export product structure, while the technological progress-driven global value chain restructuring is helpful to the upgrading of the product structure of China-EU exports. Further research finds that the global value chain restructuring driven by the US trade protection policy is conducive to the upgrading of China-EU export product structure. The research of this paper is helpful for China to strengthen China-EU cooperation and upgrade export trade structure in the new wave of global value chain restructuring. This paper can provide a possible path for China and other developing countries to explore highquality economic development and provide relevant reference value for policy formulation related to the establishment of long-term trade cooperation with the EU.