This paper analyzes the reasons of the development of the Chinese photovoltaic industry. China is the largest producer of many industrial products and has become the world’s largest exporter in 2009. However, half of China’s exports are low-value-added processing trade. Only a few Chinese manufacturing firms undertake R&D (research & development) activities. The Chinese government has emphasized the transformation of economic development mode from factor-driven to innovation-driven mode and from extensive to intensive growth. For the purpose of enhancing the abilities of indigenous innovation, the Chinese government has designated high-tech industries and seven strategic emerging industries.
As a high-tech and strategic emerging industry, the Chinese photovoltaic industry has achieved rapid growth and formed excess capacity over the course of only a few years. As a result, China has become the world’s largest solar photovoltaic producer and exporter. Although the Chinese government has continued to emphasize the transformation of industrial development mode from processing trade to indigenous research, many photovoltaic manufacturers import the raw materials of silicon or photovoltaic cells and then re-export them as photovoltaic modules after processing. Both the ratio of R&D Expenditure/Net Sales and the ratio of R&D Employees/All
Employees of main Chinese manufacturers are low in spite of their being authorized as “High and New Technology Enterprise”.
This paper finds that the rapid growth of the Chinese photovoltaic industry mainly comes from government support and preferential treatment for taxes and loans; as well as fundraising through initial public offerings in foreign stock markets, importation of production equipment, and easy environmental standards. The development mode of the Chinese photovoltaic industry is still a factor-driven instead of innovation-driven mode.
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