In an initiative taken to secure local supply chains and reduce dependency on China, the Japanese government has decided to pay its companies for moving factories out of China and back home. Japan reportedly will be paying 57 companies a sum of $536 million to bring their manufacturing back to Japan. Another 30 firms will be paid a sum amount to move their manufacturing of Vietnam, Myanmar, Thailand and other Southeast Asian nations.
As per Nikkei newspaper reports, the government will pay a total of 70 billion yen to this cause.
This is another example of countries standing up to China's policy of not playing fair. From economic blackmails to not respecting other country's territorial integrity, China has found itself on the receiving end of major criticism in recent times.
Taiwanese government had also put pen to paper on a similar policy back in 2019.
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