OECD MAGIC Industrial Subsidies Database

OECD MAGIC Databaseof Industrial Subsidies This work is issued under the responsibility of the Secretary-General of the OECD, and does not necessarily reflect the This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Please cite this publication as: OECD (2026),OECD MAGIC Database of Industrial Subsidies, OECD Publishing, Paris, https://doi.org/10.1787/ce94f33b-en. ISBN 978-92-64-46405-6 (print)ISBN 978-92-64-74717-3 (PDF)ISBN 978-92-64-33122-8 (HTML) Photo credits:Cover © IM Imagery/Shutterstock.com. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2026 Attribution 4.0 International (CC BY 4.0) Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed in Table of contents Key messages 5 1 Bringing new evidence on industrial subsidies 2 Key trends in industrial subsidies Subsidies have reached theirhighest levels since the global financial crisis of 2008-09Subsidy levels and types vary across economiesRenewable energy equipment, semiconductors, and heavy industries receive relatively more 3 How do subsidies shape global markets?15 Annex A. Sector annexes18 References43 Notes44 FIGURES Figure1. Industrial subsidies reached in 2023-24 their highest level since the global financial crisis7Figure2. The geography of industrial subsidies8Figure3. Many corporate loans in China are issued at rates below the country’s one-year lending benchmark9Figure4. Solar panels, semiconductors, and heavy industries received relatively more subsidies10Figure5. Governments retain large equity stakes in many of the companies covered in the OECD MAGICdatabase11Figure6. State enterprises have been relatively larger recipients of industrial subsidies12 FigureAA.1. Aerospace and defence–Subsidies by firms’headquarters locationFigureAA.2. Aerospace and defence–Subsidies by instrumentFigureAA.3. Aluminium–Subsidies by firms’ headquarters locationFigureAA.4. Aluminium–Subsidies by instrumentFigureAA.5. Automobile–Subsidies by firms’ headquarters locationFigureAA.6. Automobiles–Subsidies by instrumentFigureAA.7. Cement–Subsidies by firms’ headquarters locationFigureAA.8. Cement–Subsidies by instrument FigureAA.9. Chemicals–Subsidies by firms’ headquarters locationFigureAA.10. Chemicals–Subsidies by instrumentFigureAA.11. Fertilisers–Subsidies by firms’ headquarters locationFigureAA.12. Fertilisers–Subsidies by instrumentFigureAA.13. Glass, ceramics, and refractories–Subsidies by firms’ headquarters locationFigureAA.14. Glass, ceramics, and refractories–Subsidies by instrumentFigureAA.15. Heavy machinery–Subsidies by firms’ headquarters locationFigureAA.16. Heavy machinery–Subsidies by instrumentFigureAA.17. Semiconductors–Subsidies by firms’ headquarters locationFigureAA.18. Semiconductors–Subsidies by instrumentFigureAA.19. Shipbuilding–Subsidies by firms’ headquarters locationFigureAA.20. Shipbuilding–Subsidies by instrumentFigureAA.21. Solar photovoltaic cells and modules–Subsidies by firms’ headquarters locationFigureAA.22. Solar photovoltaic cells and modules–Subsidies by instrumentFigureAA.23. Steel–Subsidies by firms’ headquarters locationFigureAA.24. Steel–Subsidies by instrumentFigureAA.25. Telecommunications network equipment–Subsidies by firms’ headquarters locationFigureAA.26. Telecommunications network equipment–Subsidies by instrumentFigureAA.27. Rolling stock and signalling–Subsidies by firms’ headquarters locationFigureAA.28. Rolling stock and signalling–Subsidies by instrument Key messages •Industrial subsidies have reached their highest levels since the global financial crisis.As apercentage of firms’ sales revenue, industrial subsidies amounted to 1.3% in 2024, which was thesecond highest level on record afterthe previous peak in 2009 during the global financial •Industrial firms based in China receive more subsidies than their competitors basedeverywhere else.Between 2005 and 2024, Chinese firms received on average three to eight timesmore government support than firms based in the OECD, a conservative estimate. These subsidies •Renewable energy equipment, semiconductors, and heavy industries receive relativelymore subsidies than other industrial sectors.Between 2005 and 2024, the production of solarphotovoltaic panels, semiconductors, aluminium, steel, and shipbuilding were–as a percentage •State enterprises play a large role as recipients and prov