On December 12, the U.S.-listed Chinese photovoltaic stocks experienced a dramatic rebound. Companies like LDK (NYSE: LDK), Trina Solar (NYSE: TSL), and Yanhui Solar Energy (NYSE: SOL) saw intraday gains exceeding 25%, with Yanhui Solar Energy closing up 31.69% after a late surge. On the Hong Kong market, GCL-Poly (HK: 3800) jumped 11.9%. This sharp recovery marked a significant turnaround for China’s solar sector, which had previously been plagued by global overcapacity and trade barriers.
The sudden rally came after years of turmoil for the industry. Since 2011, China's photovoltaic sector faced mounting challenges, including U.S. anti-dumping and countervailing duties on solar imports in November 2012—marking the first "double counter" investigation against Chinese clean energy products. The move targeted over 75 companies and led to the collapse of many smaller firms. Soon after, the European Union also launched its own investigation, further squeezing an already struggling industry.
Europe had long been the main market for Chinese PV exports, accounting for around 70% of the global market. In 2011 alone, China exported $20.4 billion worth of solar cells to the EU, representing 73% of total exports. With both the U.S. and EU imposing high tariffs, thousands of workers were at risk of job loss, and many companies faced the threat of bankruptcy.
In response, the Chinese government took swift action. Premier Wen Jiabao visited Wuxi Suntech Power, where officials from multiple ministries held discussions with leading PV firms. A series of supportive policies were introduced, covering financial aid, grid access, credit support, and more. These measures aimed to stabilize the industry and promote sustainable growth.
At a State Council meeting on December 19, new guidelines were announced, including setting regional benchmark prices for solar power stations and limiting new production capacity in polysilicon and solar cell manufacturing. The focus was on reducing government intervention and encouraging mergers and acquisitions to streamline the industry.
The government also emphasized expanding domestic demand, promoting distributed solar projects, and improving technical standards. By boosting local markets and reducing reliance on foreign trade, the plan sought to build a more resilient and competitive industry.
In addition, the National Energy Administration released the “12th Five-Year Plan for Solar Power Generation,†aiming to increase installed capacity to as much as 40GW. This signaled strong government backing for the sector.
These developments have sparked renewed confidence in the Chinese photovoltaic industry. As policies take effect and domestic demand grows, the sector is beginning to recover, signaling a promising future despite past challenges.
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