The world has entered a competition for industrial subsidies, and China is not the only implementer. The United States and Europe accuse China of government subsidies and excess production capacity. The level of Chinese government subsidies is several times higher than that of large EU countries and OECD members. Direct subsidies to BYD and Mingyang, leaders in China's electric vehicle and offshore wind turbine industries, increased significantly between 2020 and 2022. The focus of the EU's investigation into China's electric vehicle subsidies is not limited to narrowly defined export subsidies or local content subsidies, but also includes direct transfers of funds and potential direct transfers of funds or debt, the government giving up or not collecting revenue, and the government paying less than appropriate remuneration. way to provide goods or services. Globally, industrial policies and subsidies are returning. Notable examples include the United States' "Inflation Reduction Act", the European Union's "European Green Deal" and China's "Made in China 2025".