OECD says subsidies drove nearly 60% of China’s global market-share gains from 2005–2023

An OECD report finds that roughly 60% of Chinese firms’ global market-share gains from 2005–2023 can be attributed directly to government subsidies, compared with an OECD-country average of about 22%. It highlights hidden support such as below-market borrowings (BMB), which it says has helped drive severe oversupply in solar manufacturing, with 2024 capacity more than double demand, and has pressured international fertiliser prices. The analysis does not name specific listed companies but flags policy risk for solar manufacturers and for agriculture-related stocks in economies that depend on fertiliser imports, according to the report.