China plans to restrict excessive solar expansion
MG News | July 09, 2024 at 11:42 AM GMT+05:00
July 09, 2024 (MLN): China’s government on Tuesday released a draft regulation aimed at curbing expansions within its world-leading solar industry.
The government will curb new manufacturing projects that simply expand existing capacity, and direct companies to instead strengthen technological innovation, improve product quality, and reduce production costs, said the draft rule released by the Ministry of Industry and Information Technology.
Moreover, the government plans to increase the minimum capital ratio for solar photovoltaic (PV) manufacturing projects to 30% from the current 20%.
The draft rule comes as domestic companies struggle with losses amid oversupply and fierce competition, according to Bloomberg.
The draft regulation also requires higher efficiency in products coming out of existing and new factories, and sets minimum requirements for research and development spending.
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