Bloomberg Reports Japan Paying Companies to Relocate Out of China
Japan to pay firms to leave China, relocate production elsewhere as part of coronavirus stimulus
Japan has earmarked US$2.2 billion of its
record economic stimulus package to help its manufacturers shift production out of China, as the coronavirus disrupts supply chains between the major trading partners.
The extra budget, compiled to try to offset the devastating effects of the pandemic, includes 220 billion yen (US$2 billion) for companies shifting production back to Japan and 23.5 billion yen for those seeking to move production to other countries, according to details of the plan posted online.
The move coincides with what should have been a celebration of friendlier ties between the two countries.