The book centers on upgrading and transformation of Chinese industries, profoundly discusses the theoretical essence of “The 2nd wave of economic globalization” and opportunities it brings to Chinese industrial upgrading. China should promote the transformation and upgrading of its industries through wider opening-up, structural and institutional adjustments and innovations, so as to ascend to the higher end of global value chain and enjoy the benefts of the 2nd wave of economic globalization. Based on the theory of global value chain, the author argues that China should achieve industrial transformation and upgrading through outsourcing of producer service sectors and regional economic integration, reconstruct the national value chain in the new round of economic globalization to strengthen the international competitiveness of China’s industries and economy.