Whose policy? Like, which politicians and what exactly is their policy?
Because that sounds more like the kind of thing people say they are trying to do, while hiding the fact that they are doing something different.
>Production offshoring, also known as physical restructuring, of established products involves relocation of physical manufacturing processes overseas,[22] usually to a lower-cost destination or one with fewer regulatory restrictions. >Physical restructuring arrived when the North American Free Trade Agreement (NAFTA) made it easier for manufacturers to shift production facilities from the US to Mexico. >This trend later shifted to China, which offered cheap prices through very low wage rates, few workers' rights laws, a fixed currency pegged to the US dollar, (currently fixed to a basket of economies) cheap loans, cheap land, and factories for new companies, few environmental regulations, and huge economies of scale based on cities with populations over a million workers dedicated to producing a single kind of product. However, many companies are reluctant to move high value-added production of leading-edge products to China because of lax enforcement of intellectual property laws.
https://en.wikipedia.org/wiki/Offshoring#Production_offshori...
https://theweek.com/articles/486362/where-americas-jobs-went
https://www.economist.com/media/globalexecutive/outsourcing_...
Ignoring how we define "serious", they do have an industrial policy. You just may not agree with the wisdom of the outcomes wrought by the regulatory regime. I don't know how you ever compete with the developing world that has a surplus of people and comparatively lax regulatory framework for everything from labor to the environment.
The policy is to move all the dirty work to someone else's back yard. It seems to work as long as the shipping lanes stay open and the other economies have something to gain (room to grow and raise standards of living).