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China's solar panel industry seeks new markets at home & abroad

CCTV.com

07-14-2014 05:22 BJT

China is the world's biggest solar panel manufacturer, but its high dependency on exporting the product makes the industry vulnerable to blows from overseas markets.

The US and EU have been imposing heavy duties on Chinese solar panels since 2012, to counteract subsidiary and dumping practices. Last month, the US decided to levy tariffs of anywhere between 18 and 35 percent. This May, the EU announced they would impose duties of up to 36 percent on China’s solar panels. Australia also claimed anti-dumping investigations into China’s solar products would be launched.

As a result, China’s solar panel exports have taken hard hits globally. For example, in 2012, China’s solar panel exports to the EU made up 67 percent of its total exportation. But this number dropped to 30 percent in 2013, and in 2014 only 19 percent. China is now seeking other markets and making every effort to encourage domestic demands on solar power. According to industrial observing institute CCID, China’s domestic market for solar panels is growing.

In 2013, nearly 13 additional gigawatts of power was able to be generated thanks to additional installations being set up by China’s solar panel companies, an increase of 186 percent when compared to 2012.

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