During June 24-26, the International Symposium on Global Value Chain and Economic Restructuring (hereinafter referred to as the Symposium) was held in Beijing. Wang Chao, Vice Minister of Commerce of PRC attended and addressed the Symposium.

Mr. Wang said that, driven by lower communication and transportation costs and system innovation, products are produced in various countries and regions, resources of different kinds are restructured in large scale worldwide, and the relations among and influence of the economy of various countries have reached an unprecedented level. The world economy has embraced the era of global value chain in the wake of the in-depth development of economic globalization. In recent years, research institutions of the WTO, OECD, IMF, EU and some countries have carried out relatively in-depth researches on global value chain and accounting of trade added value, and a series of achievements have been made, which offer a brand-new perspective for us to understand economic globalization and international economic and trade relations.

Mr. Wang pointed out that as the current world economy is unstable amid plenty of uncertainties, both developed and developing countries make great efforts to restructure the economy to strengthen the international competitiveness of their economic growth. To research the problem of economic restructuring from the perspective of global value chain is, whether from the current situation or in the long run, of practical significance, which helps to objectively understand the economic structure and trade balance of various countries, as well as the position, share and employment distribution of industries of various countries in the global value chain; to oppose all forms of protectionism and safeguard free trade order; and to enhance international economic policy coordination and promote the establishment of a new international economic order.

Wang emphasized that, with the concerted efforts of all parties, a sound foundation has been laid for the research on the global value chain. As a groundbreaking research, it is very demanding both theoretically and practically, which involves not only such technical matters as accounting method and data processing, but also such policy issues as industry, exchange rate and benefits from trade. China supports the deep participation of international organizations and research institutions, and hopes all parties concerned to fully cooperate and communicate, steady push forward the research on global value chain, make further fruitful and valuable research achievements, and jointly create a free and open, and fair and just global trade environment, so as to promote strong, sustainable and balanced growth of the world economy.

The “International Symposium on Global Value Chain and Economic Restructuring” was co-hosted by the Ministry of Commerce of the PRC, the United States International Trade Commission, WTO, OECD, IMF, Tsinghua University, Columbia University, and the University of International Business and Economics, with the theme of discussing such issues as the economic restructuring, industrial upgrading and North-South economic and trade relations in the era of global value chain. Chen Deming, Chairman of the Association for Relations Across the Taiwan Straits delivered a keynote speech at the Symposium. Pascal Lamy, Secretary-General of WTO and Angel Gurria, Secretary-General of the OECD sent a video message, and Elena Salgado Méndez, Representative from IMF attended and addressed the Symposium. Specialists, scholars and government officials from various international organizations all over the world, as well as representatives from relevant authorities and academic institutes of China attended the Symposium.