After the Global Financial Crisis，the world economy and international trade entered a period of adjustment. Development of the global value chain has experienced a great decline and is facing reshaping. The current reshaping of the global value chain is reflected in the following four aspects. First is the deepening of the “multi-center” global value chain division of labor system. Second is the reshaping of the global economic and trade governance system. Third is the far-reaching impact that the development of the digital economy and artificial intelligence has on the country’s division of labor. Fourth is COVID-19 has raised the security of the global value chain and industrial chain to a new level. In an era where profound changes take place in the global value chain，China urgently needs to solidify and raise its status in the the global value chain division of labor. By cultivating “Leading Companies” in the global value chain through applicable industry policies，China can foster new dynamics for high-quality economic development. As one of the main regulators of the global value chain，the industrial layout and development strategies of large multinational enterprises directly affect the process and direction of the reshaping of the global value chain. There are two key factors in the “breakthrough” of China’s manufacturing industry’s process of transformation and upgrade. On the one hand，it is necessary to encourage Chinese enterprises to “Going Out” and set up overseas production sites. On the other hand，we must adhere to “Bringing In” high-quality foreign capital，and maintain a positive and open attitude towards “Bringing In” high-quality foreign capital and production technology. We should further strengthen cooperation with advanced manufacturing countries in industrial technology application，key technology research and development，and foundational scientific exploration，and adopt a new development model of mutual benefitting and improving in the global value chain.