Like every major economy, China uses industrial policy, and its subsidies have mattered. But subsidies are no longer the most convincing explanation for Chinese firms’ emergence as global leaders in industries that used to be the exclusive domain of advanced economies.
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BEIJING—Chinese firms have achieved global leadership in industries once assumed to be the preserve of advanced economies: electric vehicles, batteries, industrial robots, solar panels, and AI—to name just a few. The standard explanation for this success is that the Chinese state subsidizes production, an argument that has now been given the institutional weight of a major OECD report.