What did this “comprehensive” policy look like? Well, the idea of China’s massive fertilizer subsidy program was to tackle pain points along the entire supply chain, from manufacturing to transport, storage, distribution, and consumption. The subsidies can largely be classified into 5 groups: (1) electricity subsidy for manufacturing, (2) transportation subsidy, (3) VAT exemptions, (4) concessional finance for storage, and (5) input subsidies for farmers.