'US solar panel duties could cost it China market'
Chen valued the solar panel manufacturing equipment bought from the United States at over 40 billion yuan ($6.41 billion), and from Germany at billions of yuan. Chinese firms poured into manufacturing solar panels, lured by domestic subsidies meant to encourage high-tech industry and by European and American subsidies for solar energy installation.
Profits have plummeted due to cut-throat competition among over 100 Chinese manufacturers and the drying up of overseas purchasing incentives.
Chinese households often use solar panels in rooftop water heaters but the country has yet to implement any policy to encourage domestic solar energy generation.
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