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| Financial Constraints and Global Value Chain's Upgrading of Manufacturing |
| LV Yue, LUO Wei, LIU Bin
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China Institute for WTO Studies, University of International Business and Economics;
APEC Study Center, Nankai University |
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Abstract This paper explores how to implement global value chains upgrading of China's manufacturing industry from the perspective of financial constraints. By using 2001-2011 data of bilateral trade data and non-competitive input-output tables, we measure the industries’ participation and position in global value chain respectively. Then, we estimates the effects of financial constraint on participation degree and position of China's manufacturing industry in global value chain, both from static and dynamic perspective. The study finds that financial constraints is the key factor to determine China's industrial embedded in global value chain. Relatively low level of financial constraints can promote the industries’ upgrading in global value chain, while relatively high level of financial development lead the industries shifted to the low end of GVC. In addition, the level of financial development of export partner hinders our industry's upgrading in GVC. The implementation of “regional diversity” of export strategy will be more conducive to the transformation and upgrading of China’s manufacturing industry.
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Received: 28 September 2015
Published: 13 April 2018
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