China spends approximately 5% of its GDP on industry subsidies being 10 times the level of the US, Germany and Japan. This leads to market distortions in promoting unproductive activity through subsidies. For example China currently plans to produce 70 millIon EV's in 2030 which will vastly exceed projected demand at 44 miliion in 2030. Of course, China seeks to export the problem, but tariff barriers will force the Chinese to reevaluate their plans. The extent of subsidies in supporting unproductive EV production to date is evidenced by the existence of 137 EV companies in China today, soon to be hit by industry rationalisation. See below
China spends approximately 5% of its GDP on industry subsidies...
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