Abstract: Abstract：Many international organizations such as the APEC have more and more conferences to discuss the value chain as the theme of the study, which can explain the new economic law in globalization and is not included in the traditional international trade theory. While the Asia Pacific region as the world’s fastest growing region, the network is highly dependent on the regional division of labor between the economies. To strengthen the Asia Pacific Cooperation in the value chain will become the effective way to promote regional integration. At the same time, the global manufacturing industry is facing a major adjustment, and the transformation and upgrading of China's manufacturing industry is difficult. The expansion of "One Belt and One Road" strategy and the establishment of Asian investment bank for the construction of China's manufacturing power provides opportunities and challenges. Under this background, this paper reviewed the development of value chain theory, analyzed and summarized the development of manufacturing industry in China and Asia Pacific region in recent years. While the United States and other developed countries are implementing the "re-industrialization" policy to promote the return of high-end manufacturing, and Southeast Asia and other emerging economies with labor and other advantages are attractting foreign investment, the Asia Pacific region in the manufacturing of the competitive landscape is changing. In the double attack of developed countries and emerging economies, China manufacturing industry is facing a hitherto unknown competition. Finally, we put forward, the value chain governance based on the macro level and the Asia Pacific manufacturing value chain breaking as new breakthroughs.