OECD: Global Industrial Subsidies Hit $108 Billion in 2024, Led by China

Global government subsidies to industry surged to $108 billion in 2024, the second-highest on record, with the share of firm revenue reaching its highest level since the 2009 financial crisis, the OECD reported on June 1, 2026. The rebound was driven largely by China, according to the organisation’s MAGIC database tracking subsidies received by firms rather than government announcements. Chinese companies received an average of three to eight times more government support than firms based in OECD countries between 2005 and 2024, the report found. Subsidies accounted for nearly 60% of market share gains by Chinese firms, compared to 22% for all companies. The most-subsidized sectors over the two decades included solar panels, semiconductors, aluminum, steel and shipbuilding. OECD Secretary-General Mathias Cormann said the aid produced no meaningful gains in productivity or profitability. The findings come as trade ministers from OECD nations gather on June 3-4 to discuss measures for fairer global trade.