**Abstract**
For many years, polycrystalline silicon was primarily used as a raw material for producing single-crystal silicon and was mainly applied in the field of semiconductor devices. Outside of this domain, it had largely been overlooked. It wasn’t until the emergence of the solar polysilicon project that it gained a distinct identity.
In 2005, China passed its "Renewable Energy Law," marking a clear commitment to developing renewable energy, including solar power. At the same time, the global photovoltaic market began to flourish, significantly increasing demand for polysilicon. The rising international prices encouraged rapid expansion of China's photovoltaic production capacity. By 2008, China's solar cell output reached approximately 2.6 million kilowatts, accounting for 32.9% of global production.
The booming photovoltaic industry attracted numerous investors seeking quick profits. However, the 2008 financial crisis hit hard, causing a sharp drop in polysilicon prices. Companies that entered the industry later struggled, while those with earlier experience remained strong, raising concerns among policymakers. Unfortunately, these warnings were often ignored, leading to continued over-optimism and misjudgment in decision-making.
By 2010, as the global economy recovered, government support for solar energy became more visible, and the domestic and international photovoltaic industries started to rebound. Yet, underlying challenges remained: the overall development level of the industry was low, reliance on exports persisted, and domestic markets still lagged behind despite initiatives like the "Golden Sun" project.
In the first half of 2011, the PV industry maintained its momentum, with expansion and increased production remaining key themes. Despite the lessons learned from the 2008 polysilicon crisis, new entrants kept flooding in. Local governments introduced preferential policies to boost GDP or promote green development, with 18 provinces declaring plans to build new energy bases and hundreds of cities identifying new energy as a pillar industry.
However, by the third and fourth quarters of 2011, the situation changed dramatically. With the decline of listed companies and shifting market conditions, the once-glamorous photovoltaic sector faced disappointment. On August 1, 2011, the National Development and Reform Commission issued a notice adjusting the grid-connected electricity prices for solar photovoltaic projects, which shocked the industry and created uncertainty.
Despite this setback, the industry did not fully collapse. From late 2011 to 2012, foreign anti-dumping measures and trade barriers led to frequent production halts and stranded projects. By mid-2012, nearly 90% of domestic polysilicon enterprises had shut down, and layoffs became widespread. The industry seemed to be on the brink of collapse.
At the start of 2013, PV product prices rebounded after nearly nine months of decline, with monocrystalline silicon wafers and cells seeing significant price increases. A series of favorable policies introduced at the end of the previous year helped revive the market.
Yet, the industry’s recovery was uneven. In July 2013, Wuxi Suntech, one of the largest Chinese PV companies, announced bankruptcy. After years of aggressive expansion and mounting debt, the company could not escape financial difficulties. Even in bankruptcy, its international orders remained among the top five in the country. This event drew widespread public attention and raised concerns about the debt issues of PV-listed companies.
However, there was some good news in the third quarter. On July 27, 2013, the European Commission announced a “friendly†resolution to the PV trade dispute between China and the EU. This agreement allowed Chinese PV products to continue exporting to Europe under agreed terms. Encouraged by this, several polysilicon companies resumed operations, such as Luoyang Zhongsi and Yichang CSG Polysilicon Plant.
Meanwhile, downstream power plant projects were gaining momentum, with component manufacturers and inverter companies expanding into power station construction. However, challenges such as grid connection and electricity price subsidies remained unresolved. Many experts argue that China’s photovoltaic industry is still heavily driven by policy rather than market forces.
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