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Gold/Mining/Energy : First Solar, Nasdaq: FSLR

FSLR 266.94

+14.3%

Oct 31 9:30 AM EST

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From: David C. Burns	10/18/2012 12:41:33 PM
	of 912

China’s solar industry ‘on life support’ By Leslie Hook in Beijing Financial Times October 18, 2012 7:33 am A senior Chinese energy official said the country’s solar panel industry was like “a patient on life support” that would have to undergo radical consolidation and cuts to emerge from the “crisis” of overcapacity. The dire assessment underscores how China, the world’s biggest producer of solar panels, has been hit by oversupply as global demand growth has slowed and panel prices have fallen by 30 per cent over the past year. Solar companies worldwide have been closing their doors as they lose out on the price wars with Chinese companies who are also struggling to stay afloat. Li Junfeng, deputy director of the energy research institute of the National Development and Reform Commission that steers China’s renewable energy policy, said at least half of global solar panel manufacturing capacity will have to shut down through “powerful market competition and cruel elimination”. “Without a huge capacity phase-out there is no way to solve this crisis,” he said in an interview with the Financial Times in Beijing, referring to cuts both inside and outside of China. ft.com

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