This dramatic downsizing comes as the solar industry—once a key pillar of Beijing’s economic growth strategy—struggles with plummeting prices and mounting financial losses. Despite strong global demand for renewable energy, overcapacity and fierce competition have created serious headwinds for the sector.
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#China’s leading solar companies cut nearly one-third of their workforce in 2024 , according to recent company filings.
This dramatic downsizing comes as the solar industry—once a key pillar of Beijing’s economic growth strategy—struggles with plummeting prices and mounting financial losses. Despite strong global demand for renewable energy, overcapacity and fierce competition have created serious headwinds for the sector.