Sino-US trade frictions and the COVID-19 pandemic have accelerated the process of global industrial chain reconstruction. This report analyzes whether the global industrial chain reconstruction has a significant impact on Guangdong’s foreign trade and economy，and obtains the following findings. （1）Guangdong’s participation in the global industrial chain is most profound in electrical and electronic products，and its import and export scale is the largest and its proportion continues to rise，indicating that Guangdong’s participation in the global industrial chain of such products continues to improve. （2）Guangdong increasingly relies on domestic production for important electromechanical parts and components，and its dependence on the global industrial chain is gradually decreasing. However，high-end electronic technology products still need to be imported in large quantities，which is the weakest link in the industrial chain and needs to be filled. （3）Guangdong’s participation in the restructuring of the global industrial chain is characterized by increasingly close industrial links with other Asian countries （regions），especially with East and Southeast Asia. The industrial links with the United States are constantly weakening，and the industrial links with Europe are basically maintained. （4）Chapter 85 products account for the largest proportion of Guangdong’s import and export，as well as with the most obvious characteristics of processing trade. In recent years，the proportion of Chapter 85 intermediate products imported by Guangdong from Taiwan，China remains at about 30%，much higher than that of Japan and South Korea，which is too concentrated in one region. （5）Under the Sino-US trade friction，the investment of US-funded enterprises in Guangdong has decreased significantly，while that of Taiwan-funded enterprises has not decreased. In general，Taiwan-funded enterprises have not carried out the global industrial chain reconstruction of moving out of Guangdong. （6）Guangdong actively participates in the reconstruction of the global industrial chain by significantly increasing its direct investment in Southeast Asian countries；（7）In 2020，countries （regions） closely connected with Guangdong’s participation in the global industrial chain will reduce foreign direct investment in Guangdong. The COVID-19 seems to have a significant impact on the reconstruction of the global industrial chain，which is not conducive to Guangdong’s absorption of foreign investment. Finally，this report gives some policy suggestions suitable for Guangdong province.