Page 44 - CCFA Journal - Second Issue

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2. 为供应链和价值链优化其延伸和提升 2. Optimize the extension and promotion of supply chain and value
chain
随着产业结构升级、中高端制造业实力提升，中国在国际分工
中从“微笑曲线”中端走向前后端的高科技、高附加值环节。 With the upgrading of the industrial structure and the enhancement
of mid-to-high-end manufacturing strength, China has moved from
RCEP 将引导细化区域贸易分工，东盟的发展中国家可集中负
责中端环节，继而有利于中国产业链延伸与价值链提升。 the mid-end of the “smiling curve” to high-tech and high-value-
added links in the front and back ends of the international division of
在新冠疫情的肆虐下，全球供应链受损受阻，工业区被封锁， labor. RCEP will guide the refinement of the division of regional
世界正遭遇着最严重的供应链危机，这场危机恰恰反映了产业 trade. The developing countries of ASEAN can concentrate on the
middle-end links, which in turn will help China's promotion of its
政策需更为地方化，产能更为分化的必要性，RCEP 有望助成 industrial chain extension and value chain.
员国调整过往经贸关系，推进农业，服务业和电商产业的发展。
RCEP 协定成员占世界经济 30%，成员间经贸活动更活跃，将 Under the ravages of the Covid-19, the global supply chain has been
增大对世界经济的贡献。 damaged and blocked, and some of the industrial areas have been
blocked. The world is experiencing the most serious supply chain
RCEP 可以说是中国首个加盟的多边自由贸易协定，RCEP 协议 crisis. This crisis precisely reflects the need for more localized
对于亚太的经济格局和多元化贸易结构有着深远影响。中国目 industrial policies and more differentiated production capacity.
前已经加入 RCEP，也与诸多签署国有着双边协议，但仍希望 RCEP is expected to help member states adjust past economic and
与日韩签署一份三边协议，形成更小规模的核心联盟，预计 trade relations and promote the development of agriculture, service
RCEP 的达成将使三国在东盟和 RCEP 内的影响力加强，并促 industries and e-commerce industries. The members of the RCEP
agreement account for 30% of the world’s economy, and if economic
使三国，尤其是中国与 RCEP 签署国间的双边协议达成。结合 and trade activities among the members are more active, the region
时下的疫情，RCEP 内的小规模经济体可能面临更为分割的局 will increase their contribution to the world economy.
面。
RCEP can be said to be the first multilateral free trade agreement that
具体来看，RCEP 区域自身能够形成良好的产业链闭环，中日 China has joined. The RCEP agreement has a profound impact on the
韩有相较先进的技术，东盟国家有较廉价的劳动力，澳新两国 Asia-Pacific economic structure and diversified trade structure.
有较丰富的自然资源等，叠加区位优势、物流成本较低，以及 China has joined RCEP and has bilateral agreements with many
为相对欠发达成员设立了过渡保障机制，未来 RCEP 成员间生 signatories, but still hopes to sign a trilateral agreement with Japan
产联系进一步增强，促进区域供应链、价值链的深度融合和发 and South Korea to form a smaller core alliance. It is expected that
the conclusion of RCEP will strengthen the influence of the three
展，并嵌入全球产业链中。 countries in ASEAN and RCEP, and promote the conclusion of
bilateral agreements between the three countries. Under the influence
东南亚和南亚区域的新兴发展中国家凭借资源禀赋和人口红利 of an on-going pandemic situation, the smaller economies within
成本优势，在全球产业升级和经济逐步修复的背景下，或将成 RCEP may face a more fragmented situation.
为现阶段发展基础原料产业的最佳地区。宏观上，东南亚和南
亚地区固定资产投资数据和私人投资、外商投资数据迎来快速 Specifically, the RCEP region itself can form a good closed industrial
增长，人口红利重组且收入低廉，微观上，东南亚和南亚部分 chain. China, Japan and South Korea have relatively advanced
主要国家基础设施建设已经进入快速上涨通道，但相应的工业 technologies, ASEAN countries have cheaper labor, Australia and
New Zealand have relatively rich natural resources. The region has a
金属供需严重失衡。提升经济水平的迫切愿望和相对落后的工 location advantage and also carry low logistics costs. In the future,
业及基础设施矛盾日益凸显，将促进东南亚和南亚的发展中国 the production links between RCEP members will be further
家加快建设初级工业化产能及配套设施。 strengthened to promote the deep integration and development of
regional supply chains and value chains, and then can be embedded
近年来，部分东南亚、南亚国家外商直接投资（FDI）额进入 in the global industrial chain.
快速上行通道。外商直接投资不仅仅代表着资金的跨国流动和
转移，还可表示先进技术和科学高效的经营管理模式等生产要 The emerging developing countries in Southeast Asia and South Asia,
素在国际间的转移和扩散。越南、缅甸、马来西亚等在内的东 relying on their resource endowments and demographic dividend cost
南亚和南亚国家近几年都显示出强劲的 FDI 净流入，从一定程 advantages, may become the best areas for the development of basic
raw materials industries in the context of global industrial upgrading
度来讲，正面回应了东南亚和南亚在内的发展中国家的快速发 and gradual economic restoration. Macroscopically, data on fixed
展和机会。 asset investment, private investment, and foreign investment in
Southeast Asia and South Asia usher in rapid growth, demographic
dividend reorganization and low income. Microscopically, the
infrastructure construction of some major countries in Southeast Asia
and South Asia has entered a fast-rising path, but the corresponding
supply and demand of industrial metals has been seriously
imbalanced. The urgent desire to upgrade the economy and the
increasingly prominent contradictions of relatively backward
industries and infrastructure will promote the development of
Southeast Asia and South Asia to accelerate the construction of
primary industrial production capacity and supporting facilities.

In recent years, foreign direct investment (FDI) in some Southeast
Asian and South Asian countries has entered a fast upward path.
Foreign direct investment not only represents the cross-border flow
and transfer of funds, but also the international transfer and diffusion
of production factors such as advanced technology and scientific and
efficient management models. Southeast Asian and South Asian
countries including Vietnam, Myanmar, Malaysia, etc. have shown
strong net inflows of FDI in recent years. To a certain extent, they
have responded positively to the rapid development and opportunities
of developing countries in Southeast Asia and South Asia.

CCFA JOURNAL OF FINANCE DECEMBER 2020
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