Remember when the president, Tom Friedman, and all their buddies insisted that the Chinese Communist Party was leading the way on “green energy,” to justify companies like Solyndra getting billions in taxpayer dollars?
Yeah, about that . . .
Li Fei, the owner of Chengxing Solar Company in Jinhua, Zhejiang Province, committed suicide by jumping off a building, alarming the debt-ridden photovoltaic industry, reported First Financial Daily in Shanghai.
Li ended his life after Chengxing was unable to repay a 20 million yuan (US$3.15 million) loan taken by another photovoltaic company called Zhongxi, for which Chengxing was the guarantor.
The incident was a sign of the imminent collapse facing the Chinese photovoltaic industry, because of its lack of liquidity and mounting debts, noted First Financial Daily.
. . .
The newspaper quoted US investment bank Maxim Group as warning that China’s top ten photovoltaic companies had accumulated a combined debt of US$17.5 billion and the entire industry was teetering on the brink of collapse.
Source: Want China Times
H/t: Andrew Bolt
It looks like America led the way on this file after all, and Communist China is following us right over the cliff.
Perhaps “green” corporatism – in either tyranny or democracy – is not such a good idea after all.
Cross-posted to the China e-Lobby and Virginia Virtucon
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