A senior Chinese energy official said China’s solar panel industry was like “a patient on life support” that would have to undergo radical consolidation and cuts to emerge from the “crisis” of overcapacity.
The assessment underscores how China, the world’s biggest producer of solar panels, has been hit by oversupply as global demand growth has slowed and panel prices have fallen by 30 per cent over the past year.
Solar companies worldwide have been closing their doors as they lose out on the price wars with Chinese companies which are also struggling to stay afloat.
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