China raises 2015 solar power capacity target

China plans to raise its 2015 target for solar generating capacity in a bid to boost domestic solar companies as they suffer from shrinking global demand and frequent trade disputes.

The country aims to increase its installed generating capacity of solar power to 35 gigawatts by 2015, and add 10 gigawatts annually from 2013 to 2015, the State Council, the country's Cabinet, said on Monday in a guideline issued for the sector. The previous target was 21 gigawatts.

The State Council specified problems plaguing the sector and announced a raft of support measures, including promoting small-scale distributed solar power generators, eliminating outdated production capacity, and encouraging mergers and acquisitions among the sector.

"The country's solar companies are facing widespread operating difficulties as global demand for solar products has slowed, product exports are facing heavy resistance and the sector's development is uncoordinated," it said.

China also vowed to increase financial support for the sector and urged banks to lend to large and promising solar panel producers.