Analysis of Macroeconomic Operational Mechanisms Based on Global Value Chains

Abstract

Global value chains (GVCs), relying on transnational specialized division of labor and resource integration, have become a core force reshaping the logic of macroeconomic operation. Drawing on the structural logic of GVCs, this paper systematically analyzes their transmission pathways, equilibrium effects, policy linkages, and restructuring impacts on the macroeconomy. The study finds that: the resource allocation mechanism of value chains optimizes the allocation of global production factors through trade in intermediate goods, and digital technology is enhancing their transmission efficiency to macroeconomic variables such as inflation and trade fluctuations. While value chain division of labor improves overall global economic efficiency, it also amplifies macroeconomic co-fluctuations and structural imbalances. Policies and regional agreements such as the EU carbon tariff (CBAM) and the RCEP have a significant impact on the layout of value chains, thereby reshaping the trajectory of macroeconomic operation. Currently, the regionalization, shortening of supply chains, and greening of GVCs are reshaping the driving forces of macroeconomic growth and the transmission pathways of risks. This study reveals the inherent linkages between GVCs and macroeconomic operation, providing theoretical support for responding to global economic fluctuations and improving policy regulation.