Chinese solar manufacturers are cutting costs - and jobs - in an effort to cope with decreased profits caused by trade disputes with the US and Europe, said industry leaders.
The US has already imposed tariffs and fees on Chinese solar imports to offset what it calls “improper subsidies” to Chinese companies, and the European Commission has recently started an investigation into solar trade practices that may result in further tariffs. The EU imported more than 60 per cent of the nearly US$40 billion in Chinese solars exports in 2011.
Suntech Power Holdings and Trina Solar have both announced they were down-sizing, and New York-listed LDK Solar has said it would trim over 20 per cent of its staff.
Experts in both China and Europe have countered the allegations of unfair trade with a reminder that many European solar companies have benefited from millions of Euros in subsidies and incentives.
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