
IN A CHANGINGGLOBAL ECONOMY REWIRING GVCsGLOBAL VALUE CHAIN DEVELOPMENT REPORT 2025 IN A CHANGINGGLOBAL ECONOMY This work is a product of the Research Institute for Global Value Chains at the University of International Business andEconomics, Asian Development Bank, the Institute of Developing Economies–Japan External Trade Organization, theWorld Economic Forum and the World Trade Organization. It is based on joint research efforts to better understand theongoing development and evolution of global value chains and their implications for economic development. The viewsexpressed in this work are those of the individual chapter authors and do not necessarily reflect the views and policies ofthe copublishing partners, their boards of executive directors or governors, or the governments they represent, nor thatof the institutions with which the individual authors may be affiliated. For the World Trade Organization, this publicationdoes not necessarily reflect the positions or opinions of WTO members and is without prejudice to their rights andobligations under the WTO agreements. The opinions expressed and arguments employed herein are not intended toprovide any authoritative or legal interpretation of the provisions of the WTO agreements and shall in no way be read orunderstood to have any legal implications whatsoever. The copublishing partners do not guarantee the accuracy of the data included in this work and accept no responsibilityfor any consequence of their use. The mention of specific companies or products of manufacturers does not imply thatthey are endorsed or recommended by the copublishing partners in preference to others of a similar nature that arenot mentioned. By making any designation of or reference to a particular territory or geographic area in this work, or the boundaries,colors, denominations, and other information shown on any map in this work, the copublishing partners do not intend tomake any judgments as to the legal or other status of any territory or area. The publication partners acknowledge that international organizations may have different institutional namingconventions and terminology, for instance when referring to specific economies and regions. The naming conventionsand terminology of the international organization leading each chapter are used in this publication. In cases whereno international organization leads a chapter, the authors have made every effort to recognize the different namingconventions of the partnering organizations. Note: ADB recognizes “Brunei” as Brunei Darussalam, “China” as the People’s Republic of China, “Korea” and “SouthKorea” as the Republic of Korea, “Laos” as the Lao People’s Democratic Republic, “Turkey” as Türkiye, and “Vietnam” asViet Nam. “Taipei,China” is a member of ADB; “Chinese Taipei” is a member of WTO. Chapters of the report contributedby ADB use ADB’s member designation. Effective 1 February 2021, ADB placed a temporary hold on sovereign projectdisbursements and new contracts in Myanmar. This work is available under the Creative Commons Attribution-NonCommercial 3.0 IGO license (CC BY-NC 3.0IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to bebound by the terms of this license. Please contact the Research Institute for Global Value Chains at the University ofInternational Business and Economics (email: rigvc@uibe.edu.cn) if you have questions or comments with respect tocontent, or if you wish to obtain copyright permission for your intended use that does not fall within these terms. For any copyright materials in this publication that are attributed to a source other than any of the copublishing partners,please contact the copyright owner or publisher of that source for permission to reproduce it. The copublishing partnerscannot be held liable for any claims that arise as a result of your use of those materials. Contents Tables, Figures, and BoxesixForewordxvPublishing PartnersxviiiContributorsxixAcknowledgmentsxxiiAbbreviationsxxivEditorial and Advisory CommitteexxixKey Messages and Findings