Government subsidies to industry have reached their highest level since the global financial crisis, driven largely by China, a report from the Organisation for Economic Cooperation and Development said on Monday. • The OECD's Manufacturing Groups and Industrial Corporations database, known by the acronym MAGIC, tracks what firms receive as opposed to what governments say they give • This provides an insight into opaque subsidy systems, particularly in China • Subsidies for 15 industries covered by the OECD's database reached $108 billion in 2024, only slightly below a peak in 2023 • As a percentage of firms' revenue, the amount in both years was the highest since western governments provided various forms of state support in 2009 at the height of the financial crisis • The sectors subsidised the most over 2005 to 2024 were solar panels, semiconductors, aluminium, steel and shipbuilding • The OECD said at a conservative estimate Chinese firms received on average three to eight times more government support than firms based in the OECD between 2005 and 2024