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People’s Daily: Government Planning 70 Billion RMB Rescue Package for the Solar Industry

People’s Daily recently reported that the Chinese government is planning to invest in the domestic solar industry. The planned total investment will be around 70 billion RMB. This plan is in response to the fact that both the United States and the European Union are filing anti-dumping and countervailing cases against China. The Chinese solar industry relies heavily on exports. Sixty percent of the production output goes to the European Union, while 30 percent goes to the United States. With the coming trade wars, the entire Chinese solar industry faces the possibility of total bankruptcy. The Chinese government’s plan is to establish a large domestic market that will be funded mainly by government investment. Meanwhile the government is also coordinating an effort to lower the cost of delivering solar-generated power to national networks.
Source: People’s Daily, October 27, 2012