Abstract: In order to more truly reflect the source of value-added in trade, based on the perspective of global value chain, this thesis uses the World′s Inputs-Outputs Database (WIOD) to analyze the trade between China and Russia respectively from total exports, export structure, bilateral trade volume and export of intermediates under the framework of exports value-added decomposition. Research shows that: the total amount of China′s exports to Russia increased year by year, but value-added decomposition shows that domestic value-added declined in China share of exports to Russia and this part proportion represents the true value of Chinese exports to Russia, which shows that China′s exports to Russia was overvalued under the traditional trade accounting methods; compared with Russia, the structure of China′s exports to Russia has been in continuous upgrading; the manufacturing sector accounts for most of China′s export to Russia, the proportion of knowledge intensive products is increasing, and primary products and resource products occupy the absolute dominant position of Russia′s exports to China. Through the analysis of bilateral trade and intermediate good′s export, this thesis finds that China is constantly reducing dependence on Russian economy.

Key words: global value chain, China-Russia trade, WIOD, value-added decomposition