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China spends much more in helping favored industries with state-directed funds, cheap loans and other government incentives than other major economies, according to a new study expected to intensify the debate in Washington and elsewhere over Beijing’s use of industrial policy.
The study, to be published by the Center for Strategic and International Studies on Monday, finds that China’s backing of its companies amounted to at least 1.73% of its gross domestic product in 2019—the most recent year for which comprehensive data is available—and the trend is continuing.
