We have reported previously that several provincial and local governments around China have agreed to provide subsidies to aluminium smelters. By assisting with the cost of electricity, those governments have sought to protect jobs and maintain a level of stability.

But wait! These actions are not subsidies. So says one of the mouthpieces of the Chinese government’s aluminium industry body, the CNIA. In their monthly publication that came out yesterday, they went to lengths to assert that these subsidies could not be called subsidies, because no money was changing hands. Instead, the assistance is being given by waivers of local taxes, fees and other charges. There is no dispute over the level of assistance being given, only over what to call it.

So there. It’s not a subsidy after all. Never mind that the effect is identical.