China aims to add around 10 gigawatts (GW) of new solar power capacity per year over 2013-2015 as part of a new plan to support a sector struggling with overcapacity and declining export orders.
In a plan published on China’s official government website (www.gov.cn), the country’s cabinet, the State Council, said it would aim to bring total solar generating capacity to more than 35 GW by the end of 2015.
Beijing also urged banks to continue lending to large and efficient solar panel producers. It will also strive to improve pricing and subsidies in order to boost solar power production and consumption.
China has been under pressure to stimulate domestic demand for solar panels, with many local producers facing heavy debts as a result of a decline in overseas orders.
Chinese solar panel output quadrupled between 2009 and 2011 to more than the entire global demand, and the European Union has already imposed punitive duties that will come into effect in August.
Earlier this year, a unit of Chinese solar panel maker Suntech Power Holdings Co Ltd was declared bankrupt after the parent company defaulted on a $541 million convertible bond. (Reuters)
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