Japan expresses concern over economic security amid US-China rivalry

In a white paper released Tuesday, the Japanese government said it should diversify its suppliers and work with the United States and other countries to protect supply chains to improve economic security amid increasing US-China rivalry.

The document, authored by the Ministry of Economy, Trade and Industry, also stressed that it was “essential” to take thorough action to prevent the leakage of sensitive technology, Kyodo News reported.

The white paper said that countries were spurred on to strengthen economic security after the COVID-19 pandemic exposed the fragility of supply chains, citing the disruption of medical care as an example.

It also stressed the need to encourage research, development and capital investment in technologies of strategic importance in order to strengthen domestic production and “secure a competitive advantage”.

In addition, international challenges include concerns that protectionist measures such as tariff increases could become the norm and that countries offering industrial subsidies and other support could affect competition, the document said.

Japan also called for such problems to be addressed through the development of rules in the World Trade Organization (WTO) and strategic cooperation between the public and private sectors.

Regarding the increasing focus on human rights and environmental issues in business activities, the White Paper argued that “greater consideration than ever will be required” for working conditions and pollution in raw material sourcing locations, Kyodo News reported.

Under the administration of former US President Donald Trump, relations between Washington and Beijing over issues such as human rights abuses in Xinjiang, encroachments on Hong Kong’s special status, allegations of unfair trade practices by Beijing, lack of transparency regarding the pandemic and China’s military aggression in different parts of the world have grown World.

Recently, tensions between China and Japan have escalated amid Beijing’s increased activity in the disputed East China Sea.

China has been stepping up its maritime activities in both the South China Sea and the East China Sea in recent months, in part in response to Beijing’s concerns about the increasing US military presence in the region due to escalating Sino-US tensions.

Beijing has also introduced a new law that allows the country’s quasi-military force to use weapons against foreign ships that China is considered to be entering its waters illegally.

(Only the headline and image of this report may have been revised by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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