Last year, China unleashed the full power of its solar energy industry. Installed more solar panels than any other nation in U.S. history. The wholesale price of the panels it sells has been reduced by nearly half. Also, exports of fully assembled solar panels increased by 38%, and exports of main components almost doubled. Get ready to show China's solar energy advantages even more. New York Times: While the United States and Europe are trying to revive renewable energy production and help companies avoid bankruptcy, China is far ahead. At the annual meeting of China's Legislative Yuan this week, Premier Li Qiang, China's second-highest official after Xi Jinping, announced an acceleration of construction of solar panel power plants, in addition to wind and hydropower projects.
As China's economy slumps, increased spending on renewable energy, especially solar power, is the basis for big bets on emerging technologies. Chinese leaders say the “new trio” of industries – solar panels, electric cars and lithium batteries – has replaced the “old trio” of clothing, furniture and electronics. The goal is to offset a sharp downturn in China's home construction sector. China hopes to leverage emerging industries such as solar power, which Mr. Xi likes to describe as “new productive power,” to reinvigorate an economy that has been in the doldrums for more than a decade. The focus on solar power is the latest part of China's 20-year plan to reduce its dependence on energy imports.