In the metaverse era，the digital transformation of manufacturing is an inevitable requirement to reshape the manufacturing value chain and enhance industrial competitiveness. The Industrial Metaverse combines digital technology with real industries， promotes the efficient development of physical industries， and builds a new manufacturing and service system covering the entire industry chain and value chain. Metaverse is a more concrete complex of the digital future， and a new area of digital economic innovation and industrial chain expansion. The Industrial Metaverse is a work platform that combines real employees and virtual employees， completes the industrial manufacturing value chain cycle， enables virtual digital technology to empower the real world， and realizes the symbiosis and integrated development of the real world and the digital world. Copy and change the real world in the digital world， and realize intelligent， humanized and crowd-innovative innovation management. The paper expounds that digital transformation is the only way for high-quality development of enterprises， and the industrial metaverse is a new time and space for the transformation and rebirth of manufacturing，and an important driving force for the future industry. The machine vision measurement of GETECH.CN and the digital twin solutions of SIEMENS and GE were briefly introduced and their effects.

In the era of digital economy, innovation in industrial chain and supply chain is an important part of industrial transformation and upgrading, and also an inevitable choice for enterprises to win competitive advantages. The competition between enterprises is not only about products and services, but also about the industry chain, supply chain, and value chain; The autonomy and controllability of the supply chain and its management level determine the quality of enterprise operation and development. This paper analyzes the characteristics of Midea Group's intelligent supply chain management, discusses the supply chain financial characteristics of Haier, Sany Group and Xiaomi, and confirms the importance of industrial chain and supply chain Financial innovation for high-quality development of manufacturing industry. Pointing out the necessity and feasibility of digital technology empowering innovation in logistics and supply chain management, smart supply chain is the guarantee for large-scale personalized customization, and supply chain finance plays an important role in the development of industrial clusters.

Service oriented manufacturing is a new industrial form that integrates manufacturing and service development in the process of industrialization. In the era of digital economy, developing service-oriented manufacturing is an important way to strengthen the core competitiveness of the manufacturing industry, an important measure to expand domestic demand strategy, and an inevitable requirement to reshape the manufacturing value chain, enhance the resilience of the industrial chain, and promote the transformation of the manufacturing industry from large to strong. The article elaborates on the driving force for enterprises to carry out service-oriented manufacturing, which comes from fierce market competition, customer heterogeneity, and customer demand for complete solutions; Analyzed the mechanism and path of service-oriented manufacturing in the digital economy era, pointed out that digital empowers the transformation of the manufacturing industry, and promotes the global value chain climb of China's manufacturing industry; The article points out that changing from B2C to C2B is a fundamental disruption to the operational logic of the manufacturing industry; Analyzed the new characteristics and trends of service-oriented manufacturing such as personalized customization and product lifecycle management, and elaborated that lifecycle management is the high-end of the manufacturing value chain in the digital economy era. Chinese manufacturing enterprises should accelerate their transformation and strive to climb towards the high-end of the manufacturing value chain; Introduced the practices of companies such as Rolls Royce, Siemens, General Electric, and Sany Group in product lifecycle management. It is pointed out that adding high-quality, efficient, and differentiated services to industrial products is of great significance for enterprises to achieve differentiated competition and climb the global value chain of China's manufacturing industry.

In the metaverse era，the digital transformation of manufacturing is an inevitable requirement to reshape the manufacturing value chain and enhance industrial competitiveness. The Industrial Metaverse combines digital technology with real industries， promotes the efficient development of physical industries， and builds a new manufacturing and service system covering the entire industry chain and value chain. Metaverse is a more concrete complex of the digital future， and a new area of digital economic innovation and industrial chain expansion. The Industrial Metaverse is a work platform that combines real employees and virtual employees， completes the industrial manufacturing value chain cycle， enables virtual digital technology to empower the real world， and realizes the symbiosis and integrated development of the real world and the digital world. Copy and change the real world in the digital world， and realize intelligent， humanized and crowd-innovative innovation management. The paper expounds that digital transformation is the only way for high-quality development of enterprises， and the industrial metaverse is a new time and space for the transformation and rebirth of manufacturing，and an important driving force for the future industry. The machine vision measurement of GETECH.CN and the digital twin solutions of SIEMENS and GE were briefly introduced and their effects.

Vertical fragmentation of product value chain across borders is the driving force of growing economic interdependency in East Asia. A common currency, not flexible exchange rates between national currencies, would reduce flexibility in relative prices within East Asia. Its impact would be far greater for exports that have stronger production network linkage. In order to test the hypothesis, the paper estimates the effect of a common currency on China's processing and ordinary exports separately. The distinction is necessary because the processing exports, unlike the ordinary exports, are produced along the regional production networks, with final stages of assembly and exporting being increasingly concentrated in China. The short-run dynamics indicate that the effect on China's processing exports is more than double the corresponding effect on China's ordinary exports. The long-run effect on the processing exports of intra-regional RER flexibility, which is otherwise the lack of a regional currency, is almost nine times as large as the long-run effect of a unilateral RMB appreciation. By contrast, the corresponding long-run effect is statistically insignificant for the case of ordinary exports that are produced primarily by using local inputs. The long-run coefficient of this intra-regional RER flexibility implies that the actual volume of processing exports is 20 percent below the potential. The magnitudes of these effects are consistent with the hypothesis that a common currency would further integrate East Asian production networks and promote regional economic integration.