The 5 most subsidized sectors of global industry - OECD report: Solar panel production, semiconductors, aluminum, steel
Government subsidies to industry have reached their highest level since the global financial crisis, according to a report by the Organization for Economic Co-operation and Development (OECD). The increase is largely attributed to China, which appears to be playing a key role in boosting the overall industrial sectors.
The OECD's database of producer groups and industrial enterprises, known by the acronym MAGIC, records the actual amounts received by companies, rather than what governments claim to provide. This system provides valuable insight into often opaque subsidy regimes, particularly in China.
According to the data, subsidies for 15 industrial sectors covered by the MAGIC database reached $108 billion in 2024, remaining slightly lower than the historical level of 2023. As a percentage of business revenues, these amounts are the largest since 2009, when Western governments continued with extensive state support at the height of the financial crisis.
The sectors that were most subsidized in the period 2005-2024 include solar panel production, semiconductors, aluminum, steel, and shipbuilding, key sectors for the global economy and the energy transition.
The OECD estimates that, conservatively, Chinese businesses received on average three to eight times more state support than businesses in OECD member countries over the period 2005-2024. Among companies that increased their market share over the same period, subsidies explained about 22% of these gains. This figure rises to almost 60% for Chinese companies.
Despite high levels of support, subsidies do not appear to have led to significant improvements in productivity or profitability, which intensifies the debate about the effectiveness of state interventions.
Officials attending the OECD ministerial meeting on Wednesday and Thursday are expected to examine ways to make international trade fairer and more balanced. Subsidies, competition and the prospects for more sustainable global industrial development will be at the heart of the discussions.
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