COVID-19 has put the importance of supply chains back onto the global economic agenda. The potential challenges associated with the interconnectedness of economies became much more visible with the pandemic, initiating a discussion on the limitations to participation in global value chains (GVCs). In addition, global trends such as regionalization, digitalization and greening of economies had already emerged prior to the onset of the pandemic. The question of how these trends are shaping global production is now more pressing than ever before. In this paper, we shed light on the impact of these global trends on GVCs from a micro perspective and discuss the future of global production. The contribution of this paper is twofold. First, using unique data on buyer-supplier relationships, we illustrate how global trends are affecting GVCs. Second, we discuss the implications for industrial policy and recommend suitable policy responses in light of these trends and the impact of the pandemic.