Tech policies to stay despite stumble

The eye-catching bankruptcy re-organization last year of Wuxi Suntech Power Co, once the world's largest maker of solar panels, raised doubts about not only the great leap of China's photovoltaic industry, but also the strong support the local government had given to such a high-tech company.

However, "as an example of innovation, I don't think Suntech has failed", said Xu Chongyuan, vice-director of the Wuxi Science & Technology Bureau. "The re-organization of this solar giant last year had nothing to do with its technological innovation."

Suntech's amazing rise had come to an end due to a glut in the market for solar products and problems with its investments in recent years. In March of last year, it announced a $541 million bond payment default, becoming the first company from the Chinese mainland to default on its US bonds. Chinese banks subsequently filed to place Suntech's main unit, Wuxi Suntech Power, into insolvency.