China has long been hailed as the biggest success story in economic development through integration into global value chains, especially since its accession to the WTO 20 years ago. However, it is much less well-known how China refitted the global value chain narrative to influence economic analysis and trade governance. At the same time, the value chains analysis also backfired when the U.S. tried to cut China out of its supply chains and pushed for decoupling with China, while China itself started to abuse its role in value chains for political gains. The process was further accelerated by the Ukraine war, which prompted efforts by the U.S. and its allies to build supply chains based on values rather than value, which will have a profound impact on China and the global trade order.