Suntech seen not getting bailout from Chinese Government
"China won’t rescue Suntech Power Holdings Co. (STP) from its creditors because the former biggest solar-panel maker needs to retrench along with the rest of the industry, two advisers to government agencies said.
Officials in Beijing want to pare excess manufacturing capacity and consolidate the $25 billion global industry that’s led by China, said Li Junfeng, director of the climate-change strategic research division at the government’s National Development and Reform Commission.
“The government won’t intervene and shouldn’t,” Li said in an interview. Meng Xiangan, vice chairman of the China Renewable Energy Society, a liaison between the industry and the state, said Suntech should “not rely on government assistance.”