Since 2018, global trade protectionism has risen, and the Sino-US trade war has been escalating, which has greatly increased the possibility of disruption of the Sino-US industrial chain. Then, in 2020, COVID-19 broke out and spread all over the world, threatening the safety and stability of the global industrial chain. In this context, based on the phenomenon and trend of global industrial chain restructuring, Chinese scholars have focused on the modernization of industrial chain and supply chain. At the same time, policy makers have also listed it as an important policy goal that needs to be solved first.The key words of industrial research in 2020 are industrial chain impact and industrial system modernization. Affected by the epidemic, many countries have carried out global industrial chain retraction and substitution strategy adjustment. Industrial economists have studied the changes of global industrial chain and its impact on China. Sino-US trade conflicts and COVID-19 reveal the risks and deficiencies of China's industrial chain and supply chain. It is necessary to strengthen the independent controllability of the industrial chain and supply chain.The division of labor in global supply chain presents the trend of vertical shortening and horizontal agglomeration. In the future, industrial competition will no longer be the competition between international foundries and multinational companies under the intra-product division of labor to compete for orders, but the competition between industrial chain and industrial chain, and between industrial cluster and industrial cluster.
