Chinese solar power industry urged to stay united in face of US pressure
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The China Chamber of Commerce for Import and Export of Machinery and Electronic Products warns the Chinese solar power industry against internal competition in response to US efforts to target overcapacity. The industry experienced fierce competition in 2023, resulting in overcapacity and a decline in product prices. The chamber calls for industry self-discipline, compliance, and sustainable development. US Treasury Secretary Janet Yellen vows to address overcapacity issues and create a level playing field for American businesses. China's photovoltaic product exports in 2023 amounted to $47.59 billion, down 4.9% YoY. Solar cells have been a significant growth engine for China, with exports to the EU worth $19.2 billion in 2023. However, exports to the US face tariffs, with Chinese exports of solar cells to the US dropping 6.7% YoY. The Chinese trade chamber warns of potential trade barriers related to human rights, low carbon certification, and energy efficiency certifications. Chinese companies signed 180 new photovoltaic power projects overseas totaling $17.16 billion in 2023. Mainland China is expected to add about 172 gigawatts of new installations in 2024, accounting for over a third of the global total.
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