China will offer tax breaks to manufacturers of solar power products, Reuters reported, citing a statement from the Ministry of Finance on Sunday. Producers of solar power goods will receive immediate refunds of 50% of value-added taxes. The statement citied data from the China Renewable Energy Society that said China’s top 10 solar producers are up to US$16.34 billion in debt, with the debt to asset ratio being above 70% on average. The announcement comes as the industry tries to deal with massive overcapacity and weak demand.
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