China doubles solar installation target to rescue PV makers

China has more than doubled its PV installation target to 50GW by 2020.

China’s PV manufacturing base suffered a severe slumpin its exports in the first and second quarters of 2012, prompting the government to further raise its PV installation target, according to the latest quarterly report on China’s PV market from IMS Research.

Tough competition in the global market place, vast oversupply and falling prices were the reasons cited why Chinese manufacturers’ balance sheets were placed under huge pressure.

The increased installation target was done to restore confidence amongst its substantial PV supplier base and help meet its phenomenal energy requirements, according to Frank Xie, senior market analyst at IMS Research.

“This highly aggressive target could be achieved given the rate of deployment that China has already managed to achieve in the relatively short amount of time since its national FiT was launched and provides a clear message that China will strongly support its PV industry in the future.”

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