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The authors empirically examined the theoretically recognized industrial linkages between manufacturing and services from the trade perspective. In particular, they confirmed the trade effect of manufacturing on services, given that global value chain fragmentation pervades and splits manufacturing and services segments separately in developed and developing countries.

Based on observations of 47 countries with manufacturing and service trade data from 1990 to 2020 and with gravity model specification, the authors primarily used the Poisson pseudo-maximum likelihood (PPML) estimation with multiple levels of fixed effects. Considering that many zero values are included in the dependent variable and potential endogeneity, other methods such as Tobit regression, Heckman estimation and two-stage least squares estimation (2SLS) are used. Subsample estimation also supplemented the empirical research.

The results showed that manufacturing trade is a stepping-stone rather than an obstacle to service trade. This finding exhibited significant robustness under different model specifications, instrumental variable estimation and subsample checks. Moreover, in contrast to the north–north country ties, manufacturing trade between northern and southern countries has played a prominent stepping-stone role; meanwhile, manufacturing trade among core–peripheral countries has a considerably more significant impact than the outcomes of core–core and peripheral–peripheral countries.

The authors provided direct clarification and revealed that trade in manufacturing remains the demand basis for service trade. As trade in manufacturing and services are typical phenomena of transnational production linkages, the authors suggested exploring the underlying role of global value chain (GVC) fragmentation and the offset and even barrier effect of biased institutional arrangements on GVC fragmentation.

By the re‐interpretation of the Book of Changes (I Ching), this article aims to build a framework for analyzing the structure and the evolvement of leadership.

There are 64 hexagrams in Book of Changes. This article focuses the discussion on Qian hexagram, which is the first and the most important one in all the hexagrams. By using metaphysical concepts, this article builds a dynamic leadership system. This leadership system is composed of the four virtues of Qian (with the meaning of heaven, force), which are as follows: Yuan (creation and origination), Heng (cooperation and development), Li (achievement and sharing), and Zhen (firmness and perseverance). Based on this framework, by using the metaphor of dragon, this article develops an evolvement route of leadership according to the six situations set by the Qian hexagram, which are humble stage, emerging from hiding, trying your best, going up or down, reaching excellence, and starting to fall, and discusses the proper leadership in different situations.

There are four elements or virtues in leadership. The importance of each virtue and the key points in each of them change as an organization or a venture evolves from one situation to another. Leaders should match their leadership with the specific situation they are in.

According to the knowledge of the authors, this article is the first one in the world trying to set up a leadership system based on Book of Changes, especially Qian hexagram. The implications provided by this article would be very valuable for leaders to more successfully evaluate their situations and change their leaderships according the different challenges they may face.