In the context of economic globalization，Enterprises maximize their own interests，Based on the comparative advantages of each region，Reconstructing the global distribution of production activities in the form of foreign direct bet365 casino bonus。According to United Nations Conference on Trade and Development，Global value chain production dominated by multinational companies accounts for about 80% of global trade。Accelerate the construction of a domestic circulation as the main body、A new development pattern in which domestic and international dual cycles promote each other，Fully shape China’s two-way direct bet365 casino bonus system，It is of great significance to realize China’s industry moving towards the middle and high end of the global value chain。

　　Two-way direct bet365 casino bonus faces development opportunities

From the practical experience of China’s economic development，Two-way direct bet365 casino bonus is a realistic reflection of China’s participation in the global value chain production network，It is also an important path for China to deal with internal and external imbalances and low-quality development of the supply system，It is a new opportunity to promote the upgrading of China’s global value chain and the layout of the industrial chain。

First，The early extensive bet365 casino bonus attraction policy attracted a large amount of foreign surplus capital to combine with China’s cheap labor force，By improving production efficiency、Improving the industrial system，China has gradually become the central hub of the world's manufacturing industry and is extending the value chain to many countries。Statistics based on industrial production scale，The production scale share of most industries in China exceeds 30% globally。The total volume effect brought about by the scale advantage of the vast industrial system has driven the rapid development of China's economy。Secondly，Extensive bet365 casino bonus introduction has concentrated the comparative advantages of China's manufacturing industry in labor-intensive industries and the processing and assembly links of capital- or technology-intensive industries，Increased domestic jobs and residents’ income levels，Resolved China’s shortage of foreign exchange reserves。At the same time，The resource-seeking foreign bet365 casino bonus model promotes domestic “capacity output”、International layout of capital export and industrial chain，While optimizing the domestic economic structure，Promote Chinese enterprises to actively expand overseas markets、Increase profit level。Last，Technology-intensive capital introduction and technology-seeking bet365 casino bonus through technology spillover effects、Reverse technology spillover effect、Competition Effect、The upstream and downstream linkage effects of the industrial chain have promoted the technological level of Chinese enterprises、Optimization and improvement of management experience and organizational methods，Thus improving the company’s ability to obtain added value from the value chain，Provides reference experience for China to promote "strengthening the chain", "replenishing the chain", "extending the chain" and "expanding the chain" in the manufacturing industry。

However，The extensive two-way direct bet365 casino bonus policy has promoted rapid economic development in a short period of time，But it also laid hidden dangers for weak economic growth in the later period。First，With the continuous improvement of my country’s economic development level，Labor costs continue to rise，The advantages of cheap labor are gradually exhausted，Part of the value chain dominated by large international multinational companies has begun to transfer to other countries。Secondly，my country’s large number of low-end manufacturing industries have low added value returns，Limits the R&D bet365 casino bonus of enterprises，Leading to the long-term "low-end lock-in" of my country's manufacturing industry in the global value chain。Again，China’s foreign direct bet365 casino bonus is still mainly resource-seeking，Less bet365 casino bonus in high-end manufacturing and high-tech；Foreign bet365 casino bonus enterprises are concentrated in state-owned enterprises，Private enterprises have less foreign bet365 casino bonus；Foreign bet365 casino bonus entities are concentrated in catering、Accommodation、Wholesale、Retail and other traditional service industries and construction companies，There are relatively few high-tech enterprises。This results in China’s weak ability to absorb reverse technology spillovers，The global value chain upgrade process is slow，The foreign bet365 casino bonus structure needs to be optimized urgently。Last，The slow recovery process after the financial crisis leads to unilateralism、Trade protectionism and anti-globalization trends are becoming more and more intense，Coupled with the COVID-19 epidemic, the pace of China’s foreign direct bet365 casino bonus has slowed down rapidly，The process of restructuring the global value chain is blocked。

　　An important means to upgrade the value bet365 casino bonus

International direct bet365 casino bonus realizes the reallocation of production factors and scarce resources on a global scale through capital flows，It is a country’s industrial transfer、Technical upgrade、An important means to reconstruct production advantages and achieve upgrading of the global value chain。

On the one hand，The technological spillover effect of foreign direct bet365 casino bonus provides an important basis for the technological upgrading of host country enterprises and the choice of market competition structure。Technological spillovers from foreign direct bet365 casino bonus mainly focus on two aspects，That is, horizontal spillover effect and vertical spillover effect。The former is mainly characterized by imitation learning between companies in the same industry on product quality and production processes and marketing strategy competition between similar product markets。The latter is mainly reflected in the production links between upstream and downstream related enterprises in the industrial chain，That is, upstream foreign-funded enterprises can pass forward connections with local enterprises，Provide high-quality and high-tech intermediate inputs or outputs，Enable downstream local enterprises to gain access to advanced management and operating experience，Improving one’s own production level through the “learning by doing” model。At the same time, in order to ensure the quality of the industrial chain, downstream foreign-funded enterprises，Possibly through backward connections with upstream local companies，Technical cooperation、Financing support、Forms such as corporate governance force upstream local companies to improve production capabilities，Benchmarking advanced production technology。

On the other hand，The reverse technology spillover effect of foreign direct bet365 casino bonus also provides support for the upgrading of the industrial structure of home country enterprises and the upgrading of the global value chain。Local enterprises can seek resource support and technical support for their own economic development through foreign bet365 casino bonus，The home country invests in or merges with overseas high-tech enterprises，It can improve the innovation capabilities of local enterprises in a short period of time，Exchange capital for technology，Achieve the goals of industrial expansion and technological improvement at the same time。At the same time，Home country exports production capacity through foreign direct bet365 casino bonus，Further optimize the domestic industrial structure of the home country，Promote the upgrading of domestic industrial technology in the home country。Therefore，International direct bet365 casino bonus is the acquisition of advanced technology by local enterprises、Optimize industrial structure、An important way to improve the position of the value chain。

　　Attach importance to international direct bet365 casino bonus resource preference

The upgrading of the global value chain does not only refer to the upgrading of a certain link or the improvement of the ability to obtain added value，But every link in a country’s entire industrial chain is combined with corresponding advantageous resources，Thus promoting the optimization and improvement of the entire industry chain。Different resource preferences according to international direct bet365 casino bonus，Guide it to combine with the corresponding resource advantages，Give full play to the role of capital in promoting economic development，Thus promoting the upgrading of the value chain。

Specifically，On the one hand，After more than 40 years of development through reform and opening up，Regions within China have gradually formed their own inherent comparative advantages。If we continue to implement the unchanging bet365 casino bonus policy，Not only will it cause a waste of advantageous resources，It may even destroy the foundation of local advantageous industries，Hindering local economic development。Faced with the above dilemma，my country should promptly transform the traditional two-way direct bet365 casino bonus layout，We must encourage foreign bet365 casino bonus in technology-intensive industries and talents from the east、Technology、Combined industrial layout，Guide foreign bet365 casino bonus in labor-intensive industries to the central and western regions，Actively integrate with the surplus labor force in the central and western regions，Make full use of foreign capital to drive local economic development，Achieve optimal allocation of limited domestic resources，Thus realizing the upgrading of the overall domestic industrial chain。

On the other hand，my country should actively utilize the bet365 casino bonus effects of the “One Belt, One Road” construction，Promote production capacity and capital output。Domestic excess production capacity and capital will not only occupy resources，Causing a waste of scarce resources，It will also occupy government public expenditures，Reduce the dividend effect of government policies。However，Domestic excess production capacity and capital are the foundation and scarce resources for the industrial development of most countries along the “Belt and Road”。Therefore，Using the advantages of “One Belt, One Road” construction，Actively promote domestic enterprises to go global，It can not only optimize the domestic industrial layout、Achieve optimal resource allocation，It can also help the “Belt and Road” countries to improve their industrial foundation and industrial system，Realizing a "multi-circulation value chain" system with China as the core producer。

Handle the relationship between two-way direct bet365 casino bonus，Related to the overall high-quality development of China’s economy，In particular, we must leverage the power of international direct bet365 casino bonus，Promote the improvement of China’s value chain。

　　Improving the two-way direct bet365 casino bonus system

Capital elements in international bet365 casino bonus require frequent cross-border flows，Therefore, the institutional environment of the country of destination is a key factor affecting foreign bet365 casino bonus。Existing research shows that institutional factors are crucial in two-way direct bet365 casino bonus，Local protectionism、The lack of intellectual property protection and the opacity of the system will seriously damage the local business environment。An opaque business environment will virtually increase investors’ information search costs and bet365 casino bonus risks，Suppresses the technological spillover effect of foreign direct bet365 casino bonus，And the improvement of local absorptive capacity，Slowed down the process of cultivating local technological progress and innovation capabilities。The host country is not transparent、An imperfect institutional environment will also increase the host country’s regulatory review of foreign bet365 casino bonus enterprises in the home country，Not only increases the operating costs of overseas bet365 casino bonus enterprises in the home country，It also weakens the reputation value of the company，Making it more difficult to seek technical cooperation with foreign countries，It is difficult to exert the reverse technology spillover effect。

From the perspective of domestic system improvement process，We should continue to steadily promote the rule of law process，Reduce the information asymmetry between investors and host country markets through legal means。At the same time，An illegal punishment mechanism should also be introduced，Increase penalties for intellectual property infringement，Improving the bet365 casino bonus rights protection mechanism for foreign-funded enterprises，Open communication channels between foreign investors and local governments，Effectively safeguard the rights and interests of foreign investors。China should continue to streamline administration and delegate power、Optimize government services，Continuously simplify the administrative approval process、Lower market entry threshold。Only by continuously improving government efficiency and transparency，In order to gradually reduce the institutional cost of bet365 casino bonus，Thus improving the allocation efficiency of market resources，Promote industrial structure optimization and high-quality economic development。

In summary，China’s two-way direct bet365 casino bonus should change capital factor preferences、Optimize industrial layout and improve institutional guarantees，Make full use of technological spillover effects、Reverse technology spillover effect、Demonstration effect，Continuously improve local absorptive capacity and professional quality of labor force，Based on high-tech industry、Innovation as the driving force，Breaking through the “low-end lock-in” of the value chain in developed countries，Achieving continuous upgrading of the global value chain。To optimize the two-way direct bet365 casino bonus structure，By attracting high-quality foreign bet365 casino bonus and promoting high-tech foreign bet365 casino bonus，Promote the improvement and upgrading of the domestic industrial chain system，“Leveraging industry with capital” to realize the layout of domestic large-circulation industry，Realizing the overall improvement of international circulation by exchanging systems for technology。

　(Author’s affiliation: School of bet365 casino bonus Finance, Sun Yat-sen University)