Chinese solar-panel makers are set to follow the lead of Suntech as the industry enters a difficult period of consolidation and “adjustment”, according to a senior industry executive.

　　根据一位业内资深高管的说法，随着中国太阳能产业步入整合与“调整”的困难时期，中国太阳能电池板生产商很有可能步尚德电力(Suntech)的后尘。

　　After Suntech defaulted on a $541m bond late last week, the Chinese solar sector, which accounts for more than half of the world’s solar panel production, is coming under renewed pressure from the government and investors to cut overcapacity and turn round losses.

　　在上周五尚德发生5.41亿美元债券违约之后，中国太阳能产业将面临来自政府和投资者的新压力，要求削减过剩产能和扭转亏损局面。中国太阳能电池板产量占世界产量的一半以上。

　　“In the past, no companies failed even if there was overcapacity and huge debts,” said Meng Xiangan, deputy head of the China Renewable Energy Society, a Beijing think-tank.

　　北京智库中国可再生能源学会(China Renewable Energy Society)的副理事长孟宪淦表示：“在过去，即使存在产能过剩和巨额债务，也还没有企业破产。”

　　“Now Suntech is taking the lead in readjusting. After that, perhaps quite a few solar companies, due to management issues or the lack of a market [for solar panels], will also start to revise their strategies.”

　　“如今尚德率先进行调整。也许在这以后，还会有许多太阳能企业由于管理问题或(太阳能电池板)缺乏市场的缘故而开始调整战略。”

　　Rapid expansion of China’s solar panel industry in the past decade, fuelled by cheap credit from state-owned banks, has resulted in a glut of capacity.

　　过去十年里，受国有银行的廉价信贷推动，中国太阳能电池板产业迅速扩张，以致出现产能过剩局面。

　　The default by Suntech, a former industry star that was the world’s largest solar panel producer by sales in 2011, is seen as emblematic of the reversal in fortunes for China’s solar-panel makers.

　　尚德违约事件被视为中国太阳能电池板生产商前景恶化的象征。尚德在业内曾是一家明星企业，2011年成为全球销量最大的太阳能电池板生产商。

　　Mr Meng said any government aid for Suntech would be counterproductive for the industry as a whole because of the need to cut capacity.

　　孟宪淦表示，如果中国政府援助尚德，将会对行业整体产生反作用，因为该行业需要的是削减产能。

　　China lacks an efficient bankruptcy process and bankruptcies of large Chinese companies are rare, making Suntech’s future uncertain.

　　中国缺乏有效的破产程序，大型企业破产极其罕见，这使得尚德的未来充满变数。