COMPANIES China’s steel industry has benefited from more than $52bn of government subsidies over the past decade, boosting Chinese manufacturing and giving local steel-consuming companies an unfair advantage over the rest of the world, according to a US industry report published on Monday.
The study says that China’s steel industry – by far the largest in the world – would not have grown so fast without the “pervasive influence” of financial transfers from central and local government bodies, some of which are alleged to break World Trade Organisation rules.
