Half of all solar companies in China stop production.
While the US is freaking out about the Solyndra and Evergreen Solar bankruptcies, it turns out that China's industry is also in crisis.
About half of China's solar plants have suspended production altogether, while 30% have halved output, according to China's Guangzhou Daily.
And output is still falling.
The paper blames dropping prices amid a glut of solar panels, as well as higher production costs resulting from a chemical leak that led to more environmental regulation of the industry.
The industry's unsustainable debt may also be a factor, according to the Wall Street Journal.
This news defies the conventional wisdom, which is that we have to rely on oil because there isn't enough alternative energy and because solar is too expensive. Yet the industry is stalling because there's too much solar and the prices are too low!http://www.digitimes.com/news/a20111209VL200.htmlhttp://blogs.wsj.com/chinarealtime/2011/12/08/chinese-solar-industry-fueled-by-unsustainable-debt-analysts-say/