As long as these become state-owned enterprises, and aren’t selling at a loss and subsidising private interests, I think this is a good thing.

If overseas manufacturing is undercutting for one of these reasons, I think it is reasonable to be protectionist about it (i.e. apply tariffs):

• Laxer environmental regulations overseas.
• Less stringent safety regulations.
• Fewer employee rights (more casualisation, lower wages).