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China's resource-based cities have currently entered a period of comprehensive transformation. The differences in the economic and technical environment and significant policy orientation make it unique to some extent. This study applied value chain theory to analyze the industrial value chain of China's resource-based cities, and three important types of optimization paths that have been applied differently by different cities were proposed. Grey relational analysis was used to compare the comprehensive value creation capacity of the three paths and its relationship with the comparative advantage of local industry. We found that a circular economy system has significant capacity to optimize economic and social value and favorable prospects for environmental value. However, this may have obvious instability in early periods of transition. This disadvantage can be remedied by cultivating related industries that have significantly comprehensive advantages in the early period. In the long term, the other two paths need to be combined with cultivating emerging industries. Finally, we found that the value creation capacity of China's resource-based cities has roots in optimization of the industrial value chain rather than enhancement of the industrial comparative advantage. The reason for this is that value creation capacity has not yet been transformed into a source of industrial comparative advantage.

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