diff --git a/crates/wasmtime/src/runtime/types/matching.rs b/crates/wasmtime/src/runtime/types/matching.rs
index a038c410f0d5..7be637b7a7f7 100644
--- a/crates/wasmtime/src/runtime/types/matching.rs
+++ b/crates/wasmtime/src/runtime/types/matching.rs
@@ -19,7 +19,7 @@ impl MatchCx<'_> {
     pub(crate) fn definition(&self, expected: &EntityType, actual: &DefinitionType) -> Result<()> {
         match expected {
             EntityType::Global(expected) => match actual {
-                DefinitionType::Global(actual) => global_ty(expected, actual),
+                DefinitionType::Global(actual) => global_ty(self.engine, expected, actual),
                 _ => bail!("expected global, but found {}", actual.desc()),
             },
             EntityType::Table(expected) => match actual {
@@ -78,7 +78,7 @@ pub fn entity_ty(engine: &Engine, expected: &EntityType, actual: &EntityType) ->
             _ => bail!("expected memory found {}", entity_desc(actual)),
         },
         EntityType::Global(expected) => match actual {
-            EntityType::Global(actual) => global_ty(expected, actual),
+            EntityType::Global(actual) => global_ty(engine, expected, actual),
             _ => bail!("expected global found {}", entity_desc(actual)),
         },
         EntityType::Table(expected) => match actual {
@@ -108,14 +108,14 @@ fn concrete_type_mismatch(
     anyhow!("{msg}: expected type `{expected}`, found type `{actual}`")
 }
 
-fn global_ty(expected: &Global, actual: &Global) -> Result<()> {
+fn global_ty(engine: &Engine, expected: &Global, actual: &Global) -> Result<()> {
     // Subtyping is only sound on immutable global
     // references. Therefore if either type is mutable we perform a
     // strict equality check on the types.
     if expected.mutability || actual.mutability {
         equal_ty(expected.wasm_ty, actual.wasm_ty, "global")?;
     } else {
-        match_ty(expected.wasm_ty, actual.wasm_ty, "global")?;
+        match_ty(engine, expected.wasm_ty, actual.wasm_ty, "global")?;
     }
     match_bool(
         expected.mutability,
@@ -179,15 +179,22 @@ fn tag_ty(expected: &Tag, actual: &Tag) -> Result<()> {
     }
 }
 
-fn match_heap(expected: WasmHeapType, actual: WasmHeapType, desc: &str) -> Result<()> {
+fn match_heap(
+    engine: &Engine,
+    expected: WasmHeapType,
+    actual: WasmHeapType,
+    desc: &str,
+) -> Result<()> {
     use WasmHeapType as H;
     let result = match (actual, expected) {
-        // TODO: Wasm GC introduces subtyping between function types, so it will
-        // no longer suffice to check whether canonicalized type IDs are equal.
-        (H::ConcreteArray(actual), H::ConcreteArray(expected)) => actual == expected,
-        (H::ConcreteFunc(actual), H::ConcreteFunc(expected)) => actual == expected,
-        (H::ConcreteStruct(actual), H::ConcreteStruct(expected)) => actual == expected,
-        (H::ConcreteCont(actual), H::ConcreteCont(expected)) => actual == expected,
+        (H::ConcreteArray(actual), H::ConcreteArray(expected))
+        | (H::ConcreteFunc(actual), H::ConcreteFunc(expected))
+        | (H::ConcreteStruct(actual), H::ConcreteStruct(expected))
+        | (H::ConcreteCont(actual), H::ConcreteCont(expected)) => {
+            let actual = actual.unwrap_engine_type_index();
+            let expected = expected.unwrap_engine_type_index();
+            engine.signatures().is_subtype(actual, expected)
+        }
 
         (H::NoFunc, H::NoFunc) => true,
         (_, H::NoFunc) => false,
@@ -266,9 +273,14 @@ fn match_heap(expected: WasmHeapType, actual: WasmHeapType, desc: &str) -> Resul
     }
 }
 
-fn match_ref(expected: WasmRefType, actual: WasmRefType, desc: &str) -> Result<()> {
+fn match_ref(
+    engine: &Engine,
+    expected: WasmRefType,
+    actual: WasmRefType,
+    desc: &str,
+) -> Result<()> {
     if actual.nullable == expected.nullable || expected.nullable {
-        return match_heap(expected.heap_type, actual.heap_type, desc);
+        return match_heap(engine, expected.heap_type, actual.heap_type, desc);
     }
     bail!(
         "{desc} types incompatible: expected {desc} of type `{expected}`, \
@@ -278,7 +290,7 @@ fn match_ref(expected: WasmRefType, actual: WasmRefType, desc: &str) -> Result<(
 
 // Checks whether actual is a subtype of expected, i.e. `actual <: expected`
 // (note the parameters are given the other way around in code).
-fn match_ty(expected: WasmValType, actual: WasmValType, desc: &str) -> Result<()> {
+fn match_ty(engine: &Engine, expected: WasmValType, actual: WasmValType, desc: &str) -> Result<()> {
     // Assert that both our types are engine-level canonicalized. We can't
     // compare types otherwise.
     debug_assert!(
@@ -291,7 +303,9 @@ fn match_ty(expected: WasmValType, actual: WasmValType, desc: &str) -> Result<()
     );
 
     match (actual, expected) {
-        (WasmValType::Ref(actual), WasmValType::Ref(expected)) => match_ref(expected, actual, desc),
+        (WasmValType::Ref(actual), WasmValType::Ref(expected)) => {
+            match_ref(engine, expected, actual, desc)
+        }
         (actual, expected) => equal_ty(expected, actual, desc),
     }
 }
diff --git a/tests/all/globals.rs b/tests/all/globals.rs
index 1fa2b214f1e2..dcb1b35aefa8 100644
--- a/tests/all/globals.rs
+++ b/tests/all/globals.rs
@@ -350,3 +350,81 @@ fn i31ref_as_anyref_global_ty() -> Result<()> {
     }
     Ok(())
 }
+
+#[test]
+fn instantiate_global_with_subtype() -> Result<()> {
+    let mut config = Config::new();
+    config.wasm_function_references(true);
+    config.wasm_gc(true);
+
+    let engine = Engine::new(&config)?;
+    let module = Module::new(
+        &engine,
+        r#"
+            (module
+                (type $func_ty (sub (func)))
+                (import "" "" (global (ref null $func_ty)))
+            )
+        "#,
+    )?;
+
+    {
+        let func_ty =
+            FuncType::with_finality_and_supertype(&engine, Finality::NonFinal, None, [], [])?;
+        let sub_func_ty = FuncType::with_finality_and_supertype(
+            &engine,
+            Finality::NonFinal,
+            Some(&func_ty),
+            [],
+            [],
+        )?;
+        let global_ty = GlobalType::new(
+            RefType::new(true, HeapType::ConcreteFunc(sub_func_ty.clone())).into(),
+            Mutability::Const,
+        );
+        assert!(global_ty.content().matches(
+            module
+                .imports()
+                .nth(0)
+                .unwrap()
+                .ty()
+                .unwrap_global()
+                .content()
+        ));
+
+        let mut store = Store::new(&engine, ());
+        let func = Func::new(&mut store, sub_func_ty, |_caller, _args, _rets| Ok(()));
+        let global = Global::new(&mut store, global_ty, func.into())?;
+
+        // This instantiation should succeed: the given global's type is a subtype
+        // of the import's global type.
+        let _ = Instance::new(&mut store, &module, &[global.into()])?;
+    }
+
+    {
+        let func_ty = FuncType::new(&engine, [], []);
+        let global_ty = GlobalType::new(
+            RefType::new(true, HeapType::ConcreteFunc(func_ty.clone())).into(),
+            Mutability::Const,
+        );
+        assert!(!global_ty.content().matches(
+            module
+                .imports()
+                .nth(0)
+                .unwrap()
+                .ty()
+                .unwrap_global()
+                .content()
+        ));
+
+        let mut store = Store::new(&engine, ());
+        let func = Func::new(&mut store, func_ty, |_caller, _args, _rets| Ok(()));
+        let global = Global::new(&mut store, global_ty, func.into())?;
+
+        // This instantiation should fail: the given global's type is *not* a
+        // subtype of the import's global type.
+        assert!(Instance::new(&mut store, &module, &[global.into()]).is_err());
+    }
+
+    Ok(())
+}