Photovoltaic Production in China's Jiangsu Province Falls 30% in 2012

Renewable Energy News Article
Total output value of the PV industry in Jiangsu province [where Suntech is located], China amounted to 180 billion yuan (approx US$28.9 billion) for the first 10 months of 2012, a year-over-year decrease of 28 percent, according to recently released data.(...) Over half of the province’s PV manufacturers are struggling, and at the same time find themselves saddled with heavy debts – over 50 percent of the firms have ceased production. (...) An industry insider said in an interview that the depression in the province’s PV industry was mainly attributed to the significantly decreased prices for PV components, the high liability ratio among certain firms, in addition to the above mentioned “exit” of more than half of the producers. The insider also suggested that the province expand PV applications across the country and accelerate a restructuring of the sector through consolidation and by shutting down the makers that don’t have the wherewithal to upgrade their technologies.