As any government subsidy, it usually not only does not bring the desired result, but whatever it does bring costs much more than any free market participant would be willing to pay for it. Unless that is subsidised as well.

China very successfully was able to reduce whole industries to nothing by subsidising those industries in China and subsidising the price of their output. One example is Rare Earth, there used to be some production of those things outside of China, there are none today. Want a magnet for your motor? China!