Abstract: Free competition serves as the cornerstone of the international trade system within a market economy,nations should steer clear of governmental interventions,such as subsidies,which can disrupt market operations,global anti-subsidy regulations are thterfore undergoing changes.The current World Trade Organization’s Agreement on Subsidies and Countervailing Measures (ASCM) sets forth clear definitions,types,and remedies for subsidies,yet it encounters challenges in aspects such as public entity recognition.New anti-subsidy rules,exemplified by “WTO reform proposals from the U.S.,EU,and Japan”,the European Union’s Foreign Subsidies Regulation (FSR),and the “new U.S.exchange rate subsidies regulation”,seek to update the ASCM.These updates involve expanding the scope of regulation,incorporating competition law principles,and enhancing the determination of subsidy specificity.The economic-inefficiency of subsidy now viewed primarily as “market-distorting” rather than “industry-damaging”,has shifted to the forefront of the new anti-subsidy rules.However,a thorough examination of the regulatory targets,applicable conditions,and true objectives reveals lingering doubts about the efficacy of these new regulations in preserving a market economy.