Statistics show that at the end of 2015, China installed a total of 43.18 gigawatts of photovoltaic power capacity, and for the first time, surpassed Germany as the country with the most installed solar capacity. In slightly more than 10 years, China has become the world’s biggest supplier of photovoltaic solar panels and started to set the pace for the solar power sector.
China previously saw a rapid growth in photovoltaic power and used to import low-cost solar panels to Europe and U.S.. This was because the sector was backed by favorable domestic policies, but encountered setbacks in 2012 when Europe and U.S. imposed anti-dumping and anti-subsidy tariffs on Chinese photovoltaic solar panels. This sector rebounded with the support of the Chinese State Council in 2013 and started exporting to Africa and the Middle East to reduce its reliance on European and U.S. markets.
Backed by favorable policies, China’s photovoltaic power sector have renewed their efforts in making technological breakthroughs and created an increasing number of core technologies with proprietary intellectual property rights. This sector is expected to grow faster in the coming future under the “One Belt, One Road” Initiative.