The 62nd Munich Security Conference (hereinafter referred to as the Munich Security Conference) was successfully held in Munich, Germany from February 13th to 15th, 2026. As a top-level event in the fields of international security and diplomacy, the Mu'an Conference has always attracted heads of state, government officials, international policy experts, and heads of international organizations from around the world. This year, thousands of representatives from around 120 countries attended, including around 60 heads of state or government. Leaders from multiple European countries were all present, and the German side was represented by a high-level delegation led by German Federal Chancellor Friedrich Merkel; At the same time, the unprecedentedly large US delegation has also become the focus of attention both inside and outside the venue.

        On the second day of the opening ceremony, the Global Think Tank (CCG) held an official side event of the Mu An Association with the theme of "Chain" or "Chasm"? Rethinking Global Value Chain Security and Cooperation Amid U.S. - China Trade Dynamics "under the background of China US economic and trade relations. CCG has been invited to participate in the Mu'an Conference and hold official side events for eight consecutive years, and is also the only mainland Chinese institution to hold official side events during the conference. This side event is the largest official event involving Sino US issues, attracting over 30 heavyweight guests from governments, top think tanks, academia, and media from various countries. The attending guests include renowned think tank scholars from China, the United States, and Europe, military experts, former politicians, and media leaders, who jointly conducted in-depth discussions.

        Currently, the global value chain is facing unprecedented turbulence: the United States is pushing for industrial return, the European Union is implementing the Carbon Border Adjustment Mechanism (CBAM), and countries in the global South are also reducing their dependence on the single market. However, the existing dialogue still lacks a systematic reflection on the old framework that is no longer suitable for the multipolar reality. As a bridge type think tank connecting China and the world, CCG deeply feels the actual impact of value chain fragmentation on enterprises. The official side event aims to gather multiple voices, promote constructive dialogue, guide the global value chain from a "zero sum game" to a "mutually beneficial win-win" situation, and provide ideas and directions for the stability and reshaping of the global value chain in 2026.

        Co founder and Co founder of CCGSecretary-GeneralIn his welcoming speech in 2020, Munich youth leader Miao Lv stated that the current global order is undergoing profound adjustments, and the global value chain is facing a critical decision-making period between efficiency and security. This side event will promote dialogue and cooperation in the spirit of multilateralism, aiming to transcend confrontation and differences, and jointly explore practical paths to maintain global economic ties and stable development.

        Subsequently, Wang Huiyao, founder and chairman of CCG, and Benedikt Franke, vice chairman and CEO of the Munich Security Conference, respectively delivered opening speeches.

        Wang Huiyao reviewed the long-term cooperation between CCG and Mu'an Association, and pointed out that the global value chain faces challenges in balancing efficiency and security, and both China and the United States need to find a win-win path in competition and cooperation. He emphasized the need to promote open and inclusive multilateral cooperation, prevent unilateral restrictions and rule breaking, in order to maintain the stability and sustainable development of the global trade and innovation system.

        Benedikt Franke expressed gratitude for CCG's long-term support for the conference and affirmed its sincerity in continuing to participate in dialogue in a complex international environment. He pointed out that the significance of the conference lies in facing key issues directly, providing a platform for communication between different positions and viewpoints, and will continue to encourage diverse voices to engage in rational, candid, and constructive discussions in the future.

        Michael Froman, President of the Council on Foreign Relations and former United States Trade Representative, Graham Allison, Douglas Dillon Professor of Government at the Kennedy School of Government at Harvard University and member of the board of directors of the Munich Security Conference, Danilo T ü rk, former President of Slovenia and former President of the Madrid Club, and Colonel Cao Yanzhong, a researcher at the War Research Institute of the Chinese Academy of Military Sciences, delivered keynote speeches one after another.

        Michael Froman, President of the Council on Foreign Relations and former U.S. Trade Representative, believes that global supply chains have long prioritized efficiency, but with intensified competition between China and the United States, security and diversification have become increasingly important. Economy and national security are intertwined, and countries are reducing their dependence on key areas. The United States is reshaping its supply chain with export controls and tariffs, but the effects are still to be seen.

        Graham Allison, Douglas Dillon Professor of Government at the Kennedy School of Government at Harvard University and a member of the board of directors of the Munich Security Conference, stated that the relationship between China and the United States is under structural tension of great power competition, but there is still a possibility of moving towards more active and pragmatic interaction in 2026. The leaders of the two countries intend to reshape the framework of their relationship, placing greater emphasis on stability and economic and trade cooperation. The future direction depends on high-level interaction and strategic adjustments.

        Danilo T ü rk, former president of Slovenia and former president of the Madrid Club, pointed out that tariffs have become an important policy tool again, and the global trade environment has changed. Despite the complex impact of tariffs, innovative paths should be sought within a multilateral framework, particularly by leveraging the World Trade Organization to promote reform and dialogue, and exploring directions for improving the future international trading system.

        Colonel Cao Yanzhong, a researcher at the War Research Institute of the Chinese Academy of Military Sciences, believes that US tariffs and technological restrictions have intensified geopolitical competition, promoted parallel supply chains, and impacted the multilateral trading system. But the global industry is closely connected, and the cost of anti globalization is high and difficult to sustain. We should adhere to open cooperation, uphold multilateral rules based on the United Nations and the World Trade Organization, and promote a more resilient and inclusive global value chain.

        In the subsequent roundtable discussion, Wang Huiyao hosted guests to have in-depth exchanges on topics such as the boundaries of the "de risk" policy, the impact of digital technology on value chain reshaping, and how enterprises can cope with uncertainty. The attendees generally believed that the future of global value chains should not be limited to the binary opposition of "chain" or "split", but should achieve a more flexible and highly interconnected structure within a diversified cooperation framework.

        Daniel Kurtz Phelan, editor in chief of Foreign Affairs, believes that although the competition between China and the United States is fierce, both sides have confidence in their own prospects, which helps to avoid reckless actions. He advocates maintaining low expectations, calm competition, being wary of the risks brought by overconfidence, and managing differences within a controllable framework.

        Zhang Xiaoyan, Vice President of China Electronics Information Industry Development Research Institute (CCID Research Institute), stated that the global supply chain is facing an "impossible triangle" challenge between cost, efficiency, and security. She pointed out that China's new energy products have low cost and high performance, which stem from the scale market, competition, and innovation investment, rather than simply subsidies. We should strengthen open cooperation and jointly promote green development and sustainable goals.

        Justin Va ï sse, founder and director general of the Paris Peace Forum, believes that Europe is in an awkward position in the competition between China and the United States. On the one hand, it is affected by US tariffs and policies, and on the other hand, it is concerned about China's production capacity and competition pressure, showing a clear contradictory mentality. Europe is strengthening its "de risk" approach, not only targeting China but also the United States, seeking strategic autonomy in a more competitive environment.

        Shannon O'Neil, Senior Vice President and Research Director of the Council on Foreign Relations, stated that global supply chains remain active and growing, with trade volumes steadily increasing, particularly in the flow of intermediate products. Despite the decline in Sino US trade, regional diversification and strategic industry adjustments are underway, and countries tend to strengthen trade ties with allies. Future investment directions are worth paying attention to.

        Dino Patti Djalar, founder and chairman of the Indonesian Foreign Policy Institute (FPCI), believes that even if a new framework emerges in Sino US relations, it will be complex and unstable. The competition between the two sides is accompanied by distrust and anxiety, while the countries under pressure are strengthening cooperation and multilateral alliances, and regional countries are seeking joint responses to the uncertainty of this strategic environment.

        Symeon G. Tsomokos, founder and chairman of the Delphi Economic Forum, pointed out that in the competition between China and the United States, attention should be paid to maintaining the alliance relationship. He used ancient Greece's Athens and Sparta as examples to remind that harming the interests of allies may isolate oneself and ultimately hinder the achievement of strategic goals.

        Ravi Agrawal, editor in chief of Foreign Policy, believes that in the current era of strong diplomacy in international relations, small and medium-sized countries face risks of instability and lack of rules, and need to pay attention to their stability and protection of interests, otherwise these potential problems will ultimately affect the pattern of major powers.

        Ngaire Woods, Dean of the Blavatnik School of Government at the University of Oxford, is concerned about the impact of global value chain fragmentation on corporate competitiveness, especially how Chinese companies can maintain efficiency and flexibility in a weakened competition mechanism and potential corrupt environment. At the same time, he is curious about the changes in Sino Japanese diplomatic attitudes and wants to understand the policies and strategic considerations behind it.

        Wang Yiwei, Director of the Institute of International Affairs at Renmin University of China and Director of the European Union Research Center, pointed out that the global value chain coexists with development opportunities and risks. He emphasized the importance of food safety, sustainable development (SDGs), and public goods, and suggested understanding change and balance strategies to cope with international challenges.

        Li Cheng, founding director of the Center for Contemporary China and the World Studies at the University of Hong Kong, believes that China will exercise cautious pressure on the Taiwan issue, while maintaining a strategic focus on Japan, historical factors and security considerations; China is sensitive to international statements and the neutral position of its neighbors, and tends to use strategic means to safeguard its own interests and regional influence.

        Wu Shicun, founding director of the South China Sea Research Institute, believes that China's criticism of Japan stems from multiple sensitive factors, including Japan's adjustment of Taiwan policy, strengthening official exchanges with Taiwan, and historical and security considerations, which make the Taiwan issue particularly sensitive and require a comprehensive understanding of the background of Sino-Japanese relations.

        Jude Blanchette, Distinguished Chairman of China Studies at Rand Corporation, focused on the challenges of future technology and supply chain security, raised the issue of how China and the United States can address emerging technologies and unilateral or multilateral trade arrangements, and explored whether there is room for multilateral cooperation to develop a global technology and trade governance framework.

        The side meeting ended successfully in a warm and pragmatic atmosphere. In an era of rising global uncertainty, continued dialogue is a stabilizing force in itself. By building this transnational and diversified communication platform, CCG has contributed a positive force to promote communication between China and foreign countries and promote the development of global value chains in a more secure, resilient and inclusive direction.

        Guests attending this side event also included: Magdalena Kirchner, director of the Mercator Foundation's "Europe in the World" project, Li Shuyin, a researcher at the Institute of War Research of the Academy of Military Sciences, Purevsuren Lundeg, former Mongolian Foreign Minister, and Senior Project Manager of Perry World House at the University of Pennsylvania Thomas J. Shattuck, former Party Secretary of Shanghai International Studies University Jiang Feng, etc.