Abstract: The ever intensified global trade frictions since 2016 and the continuous spread of the Covid-19 pandemic over the world since the end of 2019 have caused double impacts on the current collaboration of global value chain (GVC). This paper conducts an analysis of the tariff levels among the relevant countries and the changes in the import and export data during this period, and makes a comparative study of the industrial policies promulgated by the governments of different countries. The findings show that, under the double impacts, there appears a trend of reconstruction of the global value chain. The governments of some countries are increasingly placing their considerations of international politics, national security and social emergency above their economic interests; they are actively promoting the return of some industrial chains to their home countries, pursuing diversification of supply chains, and strengthening the protection of the related industries in their own countries. The United States even attempts to block the whole industrial chains of China in order to maintain its position as the world’s No. 1 economic power. Faced with such challenges, China should waste no time to formulate new and targeted global value chain strategy, take measures to stabilize, strengthen and supplement its global value chain, stabilize the low-end industry, strengthen the middle-end industry and supplement the high-end industry, create a complete and tenacious supply chain for the industry chain, consolidate and develop the advantages of the full industrial chain, guarantee the sustainable and healthy development of China’s economy, consolidate the Asian value chain and the community of common future, strive to develop and grow the Belt and Road value chain initiated by China, handle the relationship with USA and other major western economic entities with the concept of cooperation and mutual benefits, and enhance the interdependency of the global value chain.

Key words: global value chain, industrial chain, trade friction, Covid-19 pandemic