The Impact of Covid-19 Pandemic, Sino-US Trade Frictions and the Reconstruction of Asia-Pacific Value Chains——Analysis Based on Hypothesis Extraction Method

Before the outbreak of Sino-US trade frictions, the Asia-Pacific production network had been expanding, and the labor division and cooperation had deepened compared with the condition in the early 2000s. Our results show that the average geodetic distance decreased from 1.216 8 to 1.131 8, and the density of Asia-Pacific production network increased from 0.727 5 to 0.818 1. On the basis of the point degree and strength, Laumas indicator and feature vector centrality, China and the United States play the hub roles in the Asia-Pacific production network, which not only provide intermediate products for other Asian and Pacific economies as suppliers, but also drive the production of other economies as demanders. Compared with the GDP losses of various countries, China is the country most affected by Sino-US trade frictions. The electrical and optical equipment industry is the commodity sector most exposed and the air transport service is the service sector most exposed. Economies that provide China with intermediate inputs, including Japan, South Korea, Taiwan and ASEAN, also suffer a lot. With the outbreak and spread of COVID-19 worldwide, and the resurgence of Sino-US decoupling theory, in the medium and long term, the Asia-Pacific value chain tends to be simplified and internalized. China should take the advantage of "One Belt and Road" platform and the opportunities brought by the epidemic to promote the further development of domestic value chain.